Democrats: Here’s What’s Wrong with OCC’s New CRA Rule
The OCC's rule changes CRA to the CDA: Community Disinvestment Act. The rule rewards institutions active in Opportunity Zones without ensuring theirr activities specifically benefited low- and moderate-income communities. In addition, redlining has been detected in 60 metropolitan areas despite 98% of banks passing their CRA exams. The OCC rule has "gaping loopholes." The House has passed a Congressional Review Act to reverse the CRA rule recently released by the OCC. [7/1/20]
