October 24, 2023

Brown Applauds Rule to Fight Discrimination, Spur Investment in Communities

WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, released the following statement on the final Community Reinvestment Act (CRA) rule issued by the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). The new rule will modernize and strengthen implementation of the CRA, helping make sure that banks honor their commitment to communities that were historically redlined, discriminated against, and ignored by lenders.

“Today’s final rule will help ensure that banks fulfill the promise of the Community Reinvestment Act and actually invest in the communities where they do business,” Brown said. “These updates will make sure that as the banking system evolves, banks follow their obligations under the law and expanding economic opportunity to families and businesses throughout the country.” 

Senator Brown has led calls to revitalize the CRA and renew investment in low- and moderate-income communities and communities of color, including by fighting the last Administration’s attempted weakening of the rulesupporting the current Administration’s new proposed rule, and leading his colleagues in recommending additional measures to further fulfill the promise of the CRA.