Americans for Financial Reform Education Fund organized a letter to the Federal Reserve Board (FRB) in response to their advanced notice of proposed rule making (ANPR) on the Community Reinvestment Act (CRA). The letter outlined a number of guiding principles and approaches to ensure that any changes to the CRA framework would be limited to measures that will increase equity in bank investments and access to sustainable, wealth-building credit in underserved communities as the statute intended.
Americans for Financial Reform Education Fund signs onto two comment letters to the OCC about Oportun’s application for a national bank charter. The letters express several concerns about Oportun’s practices regarding debt collection, lending and Community Reinvestment Act compliance planning. They urge the OCC to condition Oportun’s charter upon substantial improvement of these practices.
AFR joined many national, state and local partners in a letter of support of HJ Res. 90, a disapproval resolution that would overturn the OCC’s Community Reinvestment Act rule that was finalized in May.
Before the onset of the COVID-19 pandemic, black homeownership was already at historically low levels nationwide and the racial wealth gap was widening, leaving communities of color with far less wealth and fewer resources for emergencies. COVID-19 has been particularly devastating for African-Americans, low-income families, and immigrants, who are bearing the brunt of the resulting economic fallout as well.
The OCC proposal would dramatically limit the CRA’s effectiveness by distilling the complexity of the different credit needs of varied American communities to one numerical ratio and quantitative benchmarks, and would reduce public participation in the process that is fundamental to moving banks towards greater responsiveness to the needs of diverse customers and communities.
NPA and NCRC delivered a letter signed by more than 260 organizations to Rep. Barney Frank, Chairman of the House Financial Services Committee, urging that he introduce and pass Community Reinvestment Act reform this year. AFR signed on to this letter. Click here to read