Community Reinvestment Act

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The NACEDA Network Speaks Out

NACEDA Statement on CRA Rule Change
 "The fact the FDIC and the Federal Reserve chose not to participate begs Congressional action. When regulators can't agree, Congress steps in to tell them how to agree. It's Civics 101” said NACEDA Executive Director Frank Woodruff in a statement issued on May 20, 2020.  

NACEDA Submits CRA Comments to OCC and FDIC
NACEDA's comment letter attempts to interpret and respond to the proposed rule through the lens of those 4000 community-based organizations and community development corporations, particularly the smaller and medium-sized organizations that serve the hardest to reach communities. It was submitted to the OCC and FDIC on April 8, 2020. 

NACEDA Network Calls for Suspension of Rulemaking During Pandemic
Signed 32 state and regional associations for community development and submitted OCC and FDIC on March 27, 2020, NACEDA's letter stated, "Continuing the rulemaking process with an April 8, 2020 comment deadline forces community based organizations to choose between saving lives and livelihoods now and helping to shape the long-term economic opportunities their communities will be able to access for decades to come."

Will Federal Regulators Gut Community Development under Cover of COVID?
Nonprofit Quarterly article cites the NACEDA letter signed by 32 state and regional community development associations to halt the CRA rulemaking process during the pandemic & Frank Woodruff's op-ed explaining why the new rule would be a clear invitation to redlining.

Calls to Cease Non-Coronavirus rulemaking grow louder
American Banker article
quotes NACEDA letter signed by 32 state and regional community development associations plus other calls to halt the CRA rulemaking process during the pandemic.

Questionable Reforms To A Law Ensuring Banks Do Right By Low-Income Neighborhoods Are Moving Forward Amid The COVID-19 Pandemic
Blavity article featuring Nate Coffman of the Ohio CDC Association and Bill Faith of Coalition on Homelessness and Housing in Ohio

Hospitals Take Note—An important source of funding to address the social determinants of health may be disappearing
Build Healthy Places Network blog
 

Civil rights and housing advocates warn proposed change to federal law could spell the return of redlining 
Cleveland Plain Dealer article featuring Nate Coffman of the Ohio CDC Association, Chris Alvarado of Slavic Village Development and Bill Faith of Coalition on Homelessness and Housing in Ohio

Proposed changes would slow progress toward equitable lending in minority communities
MinnPost Op-Ed by Jim Roth of the Metropolitan Consortium of Community Developers, Nasibu Sareva of the African Development Center, and Kathy Wetzel-Mastel of PRG 

Rule change could allow redlining to resume
The Columbus Dispatch Op-Ed by Nate Coffman of the Ohio CDC Association

Changes to Community Reinvestment Act will return us to redlining
Houston Chronicle Op-Ed
by Lori Pampilo Harris of the Houston Housing Collaborative

Fearing proposed changes to community lending regulations would re-legalize redlining
NJ Spotlight Op-Ed
by Staci Berger of Housing and Community Development Network of New Jersey and John Restrepo of Garden State Episcopal Community Development Corporation

Redlining would be relegalized by CRA reform proposal
Shelterforce article by Frank Woodruff of the National Alliance of Community Economic Development Associations | January 9, 2020

Top Officials Speak Out

Representative Maxine Waters
Chair, House Financial Services Committee

"Otting may be done with his rule dismantling CRA but this is by no means the end of the story. Congress will not let this final rule stand," stated Rep. Waters in a May 20, 2020 titled, Waters Blasts Otting’s Departing Act to Weaken CRA During COVID-19 Pandemic.

Senator Sherrod Brown
Ranking Member, Senate Committee on Banking, Housing, and Urban Affairs

"Other regulators must give greater weight to the experiences of communities across the country that have historically seen disinvestment and reject this rushed and wrongheaded rule,” stated Sen. Brown in a May 20, 2020 press release titled, Brown Condemns Otting For Rushing Flawed Final CRA Rule As He Plans Agency Exit

FDIC Board Member Martin J. Gruenberg

"The proposal undermines what has been a core strength of CRA for 40 years – the encouragement of bank engagement and dialogue with stakeholders in local communities to understand and better serve historically underserved areas. Taken together, this proposal would fundamentally undermine and weaken the Community Reinvestment Act." Full statement

Federal Reserve Governor Lael Brainard

"An approach that combines all activity together runs the risk of encouraging some institutions to meet expectations primarily through a few large community development loans or investments rather than meeting local needs ... Given that reforms to the CRA regulations are likely to set expectations for a few decades, it is more important to get the reforms done right than to do them quickly." Full remarks

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