May 05, 2022

Toomey Voices Concerns Over Proposed Community Reinvestment Act Rule

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today voiced concerns after the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of Comptroller of the Currency (OCC) issued a proposed rule related to the Community Reinvestment Act (CRA).

“I am concerned that the proposed rule adds complexity and regulatory burdens without any benefits to economic growth. In addition to imposing onerous new data collection, reporting, and disclosure requirements on lenders, the proposal also advances left-wing environmental goals, something that is wholly outside the remit of the Community Reinvestment Act. Given this proposal and the past misuse of the CRA by so-called community organizers and other activist groups, it may be time for Congress to consider statutory changes that puts an end to rent seeking and the hostage taking over otherwise valid bank mergers.”