Otting Letter Agrees with CRA Ratio Concerns, Looks Forward to Notice of Proposed Rulemaking

Friday, November 15, 2019 - 1:30pm

Joseph Otting, the Comptroller of the Currency, this week sent a letter to Sen. Sherrod Brown, D-Ohio, on Brown’s previous letter concerning Community Reinvestment Act (CRA) modernization. Otting’s letter focused on the process of revisiting CRA rules, but also agreed with Brown’s concern about using a ratio of CRA financing to a bank’s size to determine CRA ratings. Otting also indicated that a notice of proposed rulemaking will come soon. He encouraged stakeholders to read the notice of proposed rulemaking when it is published so that improvements can be made to the proposal and the OCC can “issue a final rule that makes CRA work better for everyone in the first half of 2020.”