Just over a month remains for the public to comment on a proposed rule from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) that would amend the Community Reinvestment Act (CRA).
Enacted in 1977, the CRA was designed to prevent discriminatory redlining practices and encourage banks to meet the credit needs of the communities they serve, including low- and moderate-income (LMI) neighborhoods.
The law promotes access to credit, homeownership and economic opportunity by addressing gaps in lending, according to the Federal Reserve — one of the three government regulators responsible for the law’s implementation. The Fed was conspicuously not included in the notice of proposed rulemaking when th...