"At its core, the CRA is a civil rights bill."
-- U.S. Congressman Gregory Meeks
The Community Reinvestment Act (CRA) – the nation’s anti-redlining law – is under attack!
The Trump Administration is proposing to weaken important CRA rules, which will result in fewer first time home buyers, less ability for small businesses to grow and hire locally, a reduction in the development and preservation of critically needed affordable housing, and decreased consumer access to bank branches and affordable banking products; all while making it easier for Big Banks to meet their reinvestment obligations, and leaving low income communities and communities of color vulnerable to gentrification and displacement pressures.
CRA is a landmark civil rights law passed in 1977 to end discrimination that was once common in America’s banking and housing markets. CRC leads campaigns, community coalitions, advocacy with federal policy makers and negotiations with lenders to fulfill their obligations under the law. In the last few years ago, we have entered into Community Benefits Agreements with banks that total more than 50 billion dollars in local reinvestment for California communities.
Below you’ll find resources and news items on how we are resisting the gutting of the CRA. We are in this together. #TreasureCRA
Submit A Comment Letter
CRC has been busy at work contesting Trump and Otting’s undermining of the CRA. The public comment period for the rule is currently open and will end on Wednesday April 8, 2020.
It is important that CRC members provide written comments to the rule. We are providing a template letter that you can personalize and submit.
1. Start by saving the sample CA comment letter which you can Download Here.
2. Personalize your comment letter. Use what makes sense, disregard what doesn’t.
ADD YOUR OWN PERSPECTIVE.
3. Go to the government’s online comment submission form and copy/paste your letter into the comment box OR if you exceed the word limit you can attach your letter (as a .docx, .jpeg or .pdf).
Add your contact information, check the box to acknowledge your comment will be made public, and click the green button that says “submit comment.” (You will then be directed to a confirmation page that indicates your comment was submitted successfully & gives you your official comment number. Your comment will appear online within a few business days.) You should also read Tips_For_Submitting_Effective_Comments.
4. Please also send your comment by email to the FDIC. Send your comment by email to the FDIC at: Comments@fdic.gov *Include the RIN 3064-AF22 on the subject line of the message. (There is a possibility that the two agencies may issue separate and different final rules so we want to make sure your comments are officially received by both.)
5. Due to the shift in comment submission forms, we urge you to also email the OCC at email@example.com and request confirmation that your comments have been recorded.
"But we know that when communities organize we win,
and organize we did."
“When asked by Congress, Mr. Otting said that he would not extend the comment period on his proposed CRA rule that threatens to dismantle this important civil rights law. But we know that when communities organize we win, and organize we did. Communities across the country pushed for more time despite Mr. Otting’s intransigence. Today, this is a big win, and is a direct result of intense pressure from our members, allies and community groups nationally, as well as Congressional representatives who recognized that more time is needed to review a proposal that will have profound impacts on communities of color. Now we move on, to continuing to push back against this proposal that threatens to exacerbate banking discrimination and redlining.” – Paulina Gonzalez-Brito
CRC Testifies before U.S. House on CRA
The Community Reinvestment Act: Reviewing Who Wins and Who Loses with Comptroller Ottings Proposal. January 14, 2020.
Paulina Gonzalez-Brito, Executive Director of the California Reinvestment Coalition, recently testified before the U.S. House Financial Services Subcommittee on Consumer Protection and Financial Institutions. Please be sure to check out her written testimony here, and her oral testimony is available here. To watch the webcast of the full hearing click here.
Fake It Till They Make It: How Bad Actors Use Astroturfing to Manipulate Regulators, Disenfranchise Consumers and Subvert the Rulemaking Process. February 6, 2020.
Paulina Gonzalez-Brito, Executive Director of the California Reinvestment Coalition, testified before the U.S. House Financial Services Subcommittee on Oversight and Investigations. Please be sure to check out her written testimony here, and her oral testimony is available here. To watch the webcast of the full hearing click here.
Video by digital media outlet NowThis of Paulina actively defend CRA.
CRC, Defending the Community Reinvestment Act
January 28, 2020
Next City, Unpacking the Proposed Changes to the Community Reinvestment Act
January 29, 2020
Visit Next City’s website to watch their webinar featuring CRC’s Vijay Das.
CRA In The News