CBA Statement on CRA Meeting with OCC

August 15, 2019
Nick Simpson

CBA Statement on CRA Meeting with OCC

Would be preferable for regulatory agencies to be in agreement, this generational opportunity needs to move forward

 

WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after attending a meeting with CBA members and the Office of the Comptroller of Currency to discuss the Community Reinvestment Act:

 

“Modernizing CRA rules written during the age of rotary phones is a way for banks to invest even more in communities. Comptroller Otting, along with the entire OCC team, should be commended for their extensive work with all stakeholders during this process.

 

“Details still need to be ironed out, but clear criteria for which investments are eligible for CRA credit will increase transparency and could lead to more investments. Further, measurable metrics will reduce subjectivity throughout the exam process and provide flexibility for bank business models and strategies.

 

“While it would be ideal and preferable to have all three federal agencies in agreement in order to increase clarity, transparency and ultimately the effectiveness of investments, OCC chartered financial institutions account for the vast majority of CRA investments. This is a generational opportunity that should not be wasted and needs to move forward.”

 

NOTE: CBA member banks today met with the OCC to discuss CRA modernization efforts. You can learn more about CBA’s work to modernize CRA here: ConsumerBankers.com/CRA

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.