The Community Reinvestment Act (CRA) is among the nation’s most critical civil rights laws and has played an important role in building the CDFI industry. As a result, the CRA continues to be one of OFN’s top public policy priorities.
After a disastrous set of reforms advanced in 2020 by the previous Office of the Comptroller of the Currency (OCC), bank regulators — Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and OCC — came together to propose a more positive update to CRA regulations earlier this year. While OFN strongly supports the CRA, we acknowledge there is room to improve several aspects of the law and its administration.
Prior to the August 5 deadline for comments on the proposed CRA reforms, OFN shared a set of recommendations with the bank regulators. These recommendations were informed by the experiences of OFN member CDFIs and consultations with our allies in the civil rights and community development fields.
See OFN’s website for other important communications with policymakers.