The Office of the Comptroller of the Currency on Tuesday released an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on the best ways to modernize the Community Reinvestment Act.
“As a long-time banker, I have seen firsthand the benefit of CRA investment and how it makes communities vibrant. I applaud the effort of community development practitioners and bankers who work together to make an important difference in our nation’s neighborhoods,” Comptroller of the Currency Joseph Otting said in a statement. “I have also seen how limitations in the current CRA regulation can fail to provide consideration to a bank that wants to lend and invest in a community with a need for capital, including many low- and moderate-income areas. Unfortunately, the operation of the current CRA regulation can result in restricted resources. It is time for a national discussion on how we can make the CRA work better.”
