NYHC submitted comments in response to the Office of the Comptroller of the Currency’s (OCC) Advanced Notice of Proposed Rulemaking (ANPR) seeking comments regarding the Community Reinvestment Act (CRA) today. CRA requires banks to lend money, provide services and support community development activities in the local communities, where they are chartered to do business or receive deposits. In 1977, this pivotal law was passed to combat the practice known as redlining (discriminatory credit policies and practices against low-income and minority neighborhoods) by requiring banks to help meet the credit needs of the entire local community, including low- and moderate-income (LMI) neighborhoods. As a result, over the past forty years, CRA has leveraged trillions of dollars in loans, investments and services for LMI communities nationwide and billions annually in New York City. NYHC’s strongly believes in order for any CRA reforms to be valuable and successful, not only must they be the product of joint rulemaking, but they also must preserve and strengthen CRA’s standards for local community reinvestment.
Please find NYHC’s comments here.