December 13, 2019

Brown Blasts Trump Regulators For Weakening The Community Reinvestment Act

WASHINGTON, D.C.  – U.S. Sen. Sherrod Brown (D-OH), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee blasted the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) for moving forward on a rule that overhauls the Community Reinvestment Act (CRA). The CRA – meant to address generations of segregation and discrimination in bank lending –a critical accomplishments of the Civil Rights Movement.
“Today’s proposal undermines a basic principle we agreed to in this country nearly 50 years ago – that banks should serve their customers and their communities. In 2019, it is shameful that Trump regulators are ready to cast aside that principle and trample on a fundamental civil rights law, the Community Reinvestment Act, by pushing aside those who most need access to the banking system, including communities of color and rural communities,” said Brown
Yesterday, Sen. Brown along with Chairwoman Waters and Rep. Meeks led all Senate Banking Committee Democrats and House Financial Services Democrats in a letter addressed to the FDIC, Federal Reserve, and OCC calling on the regulators to, at a minimum, include a public comment period of at least 120 days for any proposal reforming CRA to ensure it gets a full vetting and that all interested parties have an opportunity to analyze and comment on the proposal.