OCC, FDIC Announce Extension of CRA Reform Public Comment Period
Dafina Williams
On February 19, the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) until April 8, 2020.
The extension comes after OFN and many other community groups, banking trade associations, and Members of Congress urged the regulators to extend the comment period to allow adequate time to review the sweeping changes put forth in the Notice of Proposed Rulemaking (NPR).
OFN strongly urges the CDFI industry to use this additional time to weigh in on this consequential proposal. We recently published our draft recommendations so community development financial institution (CDFI) supporters can understand our views on an issue of critical importance to the people and places CDFIs serve. The FDIC and OCC are expected to move quickly to finalize the rule after the April 8 deadline, so it is crucial to voice your concerns before the comment period ends.
As the debate over the future of CRA continues, lawmakers on Capitol Hill are conducting oversight hearings to learn more about the proposal. Last month, Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee for a hearing entitled “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?”. On March 24, the Comptroller will appear before the Senate Committee on Banking, Housing, and Urban Affairs for its oversight hearing entitled “Oversight of the Office of the Comptroller of the Currency.”
OFN will monitor the Senate hearing and share highlights on the blog.