FOR IMMEDIATE RELEASE
June 30th, 2020
Washington D.C.- H.J. Resolution 90, a Congressional Review Act resolution of disapproval to nullify the Office of the Comptroller of the Currency’s (OCC’s) harmful Community Reinvestment Act rule introduced by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, passed the U.S. House of Representatives.
“H.J Res 90 is a step in the right direction to nullify a dangerous rule that undermines the Community Reinvestment Act (CRA) and that was shamelessly rammed through by former OCC Otting in his final days in office without the support of the Federal Reserve, and the FDIC, which are the other agencies that enforce the CRA,” said Paulina Gonzalez-Brito, Executive Director, California Reinvestment Coalition.
Gonzalez-Brito goes on to say, “in the midst of a pandemic and continuing racial inequity, we must invest in communities that need it the most, not undermine a law that fights banking discrimination. At a time when the devastating consequences of persistent redlining have become more apparent, we cannot afford to gut one of the central tools we have to combat racial discrimination in lending.”
Last week, the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC), represented by Democracy Forward and Farella Braun + Martel, filed suit against the Office of the Comptroller of the Currency (OCC) for unlawfully eviscerating the vital anti-redlining rules put in place under the Community Reinvestment Act (CRA). The House resolution and the lawsuit are two primary ways opponents of Otting’s rule are fighting back and ensuring that underserved communities have access to capital and financial services.
“Congress must block any effort by the Trump Administration to weaken our civil rights laws and send a strong message to federal regulators that they should be doing all they can during this pandemic to help, not hurt, low- and moderate-income communities, and especially communities of color,” said Congresswoman Maxine Waters.
CRC applauds the efforts of Congressmembers Maxine Waters, Gregory Meeks, the over 70 members who co-sponsored H.J. Res 90, and the 230 members who voted for it.
See here for the text of the resolution.
See here for CRC press release on community groups’ legal challenge to the OCC rule.
See here Reveal’s study on modern-day redlining