SAN FRANCISCO, January 10, 2020 – On Tuesday, January 14th 2020, the House Financial Services Subcommittee on Consumer Protection and Financial Institutions will hold a hearing, “The Community Reinvestment Act: Reviewing Who Wins and Who Loses with Comptroller Otting’s Proposal” at 2pm EST at Room 2128 at the Rayburn House Office Building.
California Reinvestment Coalition (CRC) Executive Director Paulina Gonzalez-Brito will appear as a witness alongside leaders in the civil rights community, Witnesses include Ms. Gerron Levi, Director, Policy & Government Affairs, National Community Reinvestment Coalition, Mr. Eric Rodriguez, Senior Vice President, Policy and Advocacy, UnidosUS, and Ms. Hope Knight, President & CEO, Greater Jamaica Development Corporation.
The Community Reinvestment Act (CRA) stands as one of the most important banking laws that Congress has enacted to combat discriminatory practices by banks, such as redlining. The law requires banks to help meet the credit needs of all parts of the communities they serve, consistent with safe and sound operations. For more than 40 years, CRA has helped to expand access to affordable credit to all communities, including low- and moderate-income communities and communities of color.
Ms. Gonzalez-Brito’s testimony will discuss the importance of the Community Reinvestment Act for California low and moderate income communities as well as CRC’s experience with Mr. Otting as he led a California based bank who engaged in redlining, ramped up foreclosures, had one of the worst CRA records in California and made a mockery of the public comment process during a critical merger he was involved in.