May 20, 2020

Brown Condemns Otting For Rushing Flawed Final CRA Rule As He Plans Agency Exit

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 Office of the Comptroller of the Currency (OCC) announced new rules on the Community Reinvestment Act (CRA). Federal Deposit Insurance Corporation (FDIC) did not join in the final rule and the proposed rule did not have the backing of the Federal Reserve Board of Governors. The CRA was enacted to address longstanding racial discrimination in our nation’s housing policies and in access to credit. Today’s rulemaking comes at a time when a public health crisis has exacerbated inequities in society, including housing.

“This pandemic has exacerbated the inequities in this country, particularly for black and brown communities. Their experiences are a painful reminder of why we should be focused on strengthening, not weakening, our nation’s commitment to the Community Reinvestment Act (CRA). At a time when prudence and care is required, Comptroller Otting has ignored thousands of thoughtful comments from civil rights leaders, community development advocates, and local leaders and rammed through an overhaul to this key civil rights era law while he is reportedly on his way out the door. Other regulators must give greater weight to the experiences of communities across the country that have historically seen disinvestment and reject this rushed and wrongheaded rule,” said Senator Brown.

Brown recently led his colleagues in a letter urging regulators not to adopt the OCC’s proposed rule and to end attempts to weaken the CRA.