Paulina Gonzalez, the Executive Director of the California Reinvestment Coalition issued the following statement in response to today’s news that OCC Comptroller Joseph Otting Office is going to extend the comment period on the proposed CRA rule for an additional 30 days:
“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.”
CRC and CRC member groups have been organizing against the OCC’s moves to weaken CRA for months. CRC’s Executive Director Paulina Gonzalez-Brito testified in Congress twice this year, raising concerns about the OCC’s proposal and the harmful impacts it will have on low income communities and communities of color, pushed for an extension of the comment period, and raised concerns about Comptroller Otting and his apparent hostility towards CRA and community groups since his time as CEO of OneWest Bank. CRC has documented OneWest’s poor reinvestment record, redlining practices, mass foreclosures, and “fabricated” comment letters in support of the Bank while Mr. Otting was CEO.