September 21, 2020

Brown Commends The Federal Reserve For Its Work to Update the Community Reinvestment Act (CRA)

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Federal Reserve moved forward with its process to update the Community Reinvestment Act (CRA):

“Today’s announcement from the Federal Reserve marks the start of its process to update the Community Reinvestment Act to ensure that banks are meeting the needs of all communities where they do business. The proposal laid out today shows that the Federal Reserve has been listening to civil rights leaders, affordable housing advocates, and local officials about what’s needed to improve and strengthen the Community Reinvestment Act. The Federal Reserve has laid out a path for all three bank regulators to work with the communities this law is meant to serve and develop a meaningful rule that works for them – not a rule that works for a single regulator.”

Brown has long pushed to end attempts to weaken the CRA. He blasted the former Comptroller of the Currency for pushing forward with a CRA proposal as he exited the agency. Brown also led his colleagues in a letter urging regulators not to adopt the OCC’s proposed rule and to end attempts to weaken the CRA.