NCRC Statement on Joint FDIC, OCC and Federal Reserve Announcement of New Community Reinvestment Act Rulemaking

In response to news that the three federal financial regulators who enforce the Community Reinvestment Act have opened a new rulemaking process, National Community Reinvestment Coalition President and CEO Jesse Van Tol released the following statement:

"The 2023 CRA final rule was a carefully hewn compromise that brought banking regulation into the digital age in important ways while relaxing community oversight of far too many large banks. It is a shame to see the years of work and deliberation that went into it turn to nothing.

"All responsible bankers know that it's in their interest to serve communities equitably and to seed sustainable local growth everywhere their customers live. That doesn't change just because bank lobbyists cynically hijack the conversation and demand secrecy."