House, Senate Members Send Letter to CRA Oversight Agency Leaders
Twenty-nine members of Congress last week sent a letter to the heads of the three agencies that oversee the Community Reinvestment Act (CRA), urging them to work with civil rights groups and community groups while updating the CRA. The letter was sent to the heads of the Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The letter urges the three agencies to jointly issue a CRA proposed rule and opposes any policy that would evaluate a bank based on the bank’s aggregate dollar volume of CRA activity. The letter also urges the OCC, FDIC and Fed to brief the House and Senate committees that oversee them before issuing proposed reforms.