Waters Statement on the OCC’s Weakening of CRA Enforcement
Today, in response to the Office of Comptroller of the Currency’s move to weaken its examination policies for the Community Reinvestment Act (CRA), Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement:
“The Community Reinvestment Act is a vital law that places an obligation on banks to responsibly invest in and serve the communities where they are chartered, and prevents discriminatory lending and redlining. Under Acting Comptroller of the Currency Keith Noreika’s direction, the Office of the Comptroller of the Currency (OCC) has weakened CRA enforcement by easing the consequences for banks that violate fair lending laws and harm consumers. These new guidelines show that Mr. Noreika is putting Wall Street first and directly contradict the OCC’s mission to ensure that national banks treat customers fairly and comply with applicable laws and regulations.
On October 12, 1977, President Carter signed the Community Reinvestment Act (CRA) into law, to make sure banks help meet the convenience and needs of the communities in which they are chartered to do business, including low- and moderate-income communities.