July 20, 2021

Brown Applauds Interagency Work on New Community Reinvestment Act Rule

Today, Sen. Sherrod Brown – Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the Office of the Comptroller of the Currency (OCC) announced it is rescinding its Trump-era Community Reinvestment Act (CRA) rule and will work on a new rule with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC). The Federal Reserve, FDIC, and OCC also released a joint statement that they are working together on a new proposed CRA rule.

“The Community Reinvestment Act (CRA) rule rushed through by former Comptroller Otting did not fulfill the core purpose of CRA – to ensure banks are serving low-income communities and communities of color. I applaud Acting Comptroller Hsu for rescinding this misguided rule, and I’m glad that all three bank regulators are finally at the table, listening to feedback, and developing a proposal that will make sure banks are serving everyone,” said Brown.

Senator Brown opposed the OCC’s CRA rule and led the fight in the Senate to repeal this rule with the Congressional Review Act. He condemned the final rule, announced last year.