The M Report, June 30, 2020: House Votes to Reverse Community Reinvestment Act Rule
The U.S. House of Representatives Monday passed a Congressional Review Act aimed at reversing a rule altering the Community Reinvestment Act (CRA).
The rule in question was finalized by the Office of the Comptroller of the Currency (OCC) in May and has received praise from some in the industry as well as sharp criticism, particularly from Rep. Maxine Waters, Chairwoman of the House Financial Services Committee.
A joint statement from the National Community Reinvestment Coalition and several consumer protection and civil rights organizations said the OCC’s rule included “gaping loopholes” and included an “overly simplistic metrics system” that would allow banks to meet CRA requirements “while leaving too many credit needs unmet for underserved consumers and neighborhoods.”
