October 08, 2019

Van Hollen, Members of Congress Demand Bank Regulators Strengthen, Not Weaken the Community Reinvestment Act

U.S. Senator Chris Van Hollen, along with 28 members of Congress sent a letter to the heads of the Federal Reserve, OCC and FDIC demanding that the three banking agencies not issue a proposed rule unless it has the support of the community development and civil rights groups that represent the communities the Community Reinvestment Act was designed to serve.

“Policies that restrict access to credit and banking, such as those that result in redlining, have perpetuated a long legacy of discrimination and disinvestment in America, and held back impoverished minority communities,” wrote the Members. “Given this history, any changes to the CRA must hold lenders accountable for meeting the local credit and investment needs of LMI communities where the lender has branches or other facilities while appropriately considering changes in our banking system.”

A PDF of the letter can be found HERE: