Why Latinos will Lose under the OCC and FDIC’S Proposal to Modernize the Community Reinvestment Act
This written statement briefly summarizes the history of the Community Reinvestment Act (CRA) and explains how this landmark legislation has been instrumental in expanding access to affordable credit for Latinos and communities of color. The statement also focuses on how the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation’s (FDIC) proposed rule to “modernize” the CRA could significantly harm Latinos living in LMI communities by decreasing their access to financial institutions and credit. Finally, this statement recommends alternative courses of action for the OCC and the FDIC to consider in addressing the need for increased financial institutions’ investments in Latino LMI communities and expanded access to affordable credit.
