Acting Comptroller Issues Statement on Interagency Proposal to Modernize the Community Reinvestment Act — 2022-05-05

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today's Federal Deposit Insurance Corporation (FDIC) board meeting to consider the interagency notice of proposed rulemaking (NPR) to strengthen and modernize the Community Reinvestment Act (CRA). Today marks an important milestone in our efforts to expand financial access and inclusion for low-and moderate-income (LMI) communities. The interagency issuance of this Notice of Proposed Rulemaking to strengthen and modernize the Community Reinvestment Act regulations brings the three federal banking agencies back together and holds the promise of expanding access to credit for LMI communities. When the CRA was enacted in 1977, it was one of a series of landmark laws that sought to reverse decades of discriminatory lending, known as redlining, and disinvestment in LMI communities.