Insider Intelligence, March 6, 2023, Brown Asks The OCC To Hold Public Meetings In Communities Where Bank Branches Are Closing
Sen. Sherrod Brown sent a letter to the Officer of the Comptroller of the Currency (OCC) asking the agency to meet with low- and moderate-income communities to talk about proposed bank branch closures in their areas. He requested that the agency meet with community members who write to the OCC regarding a proposed branch closure in their area to discuss the impact it would have.
Physical bank branches in the US have closed at an alarming rate even before the pandemic—particularly in vulnerable communities. Between 2017 and 2021, 7,425 branches closed in the US—9% of all locations. Of those closures, 1 in 3 were in LMI or majority-minority communities, per a study from the National Community Reinvestment Coalition.