ABA: Statement on Joint Agency Effort to Modernize CRA Rules

“We welcome today’s proposal by the OCC to rescind the final rule modernizing the agency’s regulations under the Community Reinvestment Act. We firmly believe that there is a need to update and modernize the CRA rules to reflect today’s modern banking system and the needs of communities, but those rules must be consistent across all of the banking agencies. By proposing to rescind the OCC’s 2020 rule and announcing a commitment to develop a joint rulemaking involving all of the banking regulators, there is a new opportunity to craft a single set of rules for banks to follow. We look forward to working with the agencies and other stakeholders to achieve our shared goals of increasing investment and economic opportunity in neighborhoods across the nation.”

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