CBA Responds to OCC and FDIC Proposal to Modernize Community Reinvestment Act Rules

WASHINGTON, D.C. - Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement in response to a proposal from the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) to update the agencies' regulations implementing the Community Reinvestment Act (CRA):

"CBA welcomes the opportunity to review today's proposal to modernize the Community Reinvestment Act and better align CRA evaluations with Congress's original purpose of expanding access to credit in local communities. CBA firmly believes that any new CRA rule should be finalized with the intention of establishing a durable regime with objective approaches grounded in statue that will last through administration shifts.

"Banks should receive CRA consideration for what they do best: responsibly providing loans, investing in their communities, supporting affordable housing, financing small businesses, and helping consumers achieve financial security. A regulatory framework that places greater emphasis on measurable lending and investment outcomes, while providing clearer standards for qualifying community development activities, has the potential to improve transparency, consistency, and accountability for both banks and regulators.

"We look forward to reviewing the proposal in detail and working with the OCC and the FDIC to ensure that any final rule preserves the CRA's core mission while providing clear, consistent standards that encourage responsible lending, promote financial inclusion, and support economic growth in communities across the country."