Continuing a tour that has already been to Atlanta and Baltimore, the top federal regulator of national banks reported Monday on his visit to Washington, D.C., areas that he said have benefitted from anti-redlining laws.
Comptroller of the Currency Joseph Otting said he supports a strong Community Reinvestment Act (CRA, the anti-redlining law that requires banks to follow rules set by federal banking agencies to ensure lending is made where deposits are taken in, among other things). He said he believes that “we can do more for our underserved communities by clarifying what counts for CRA credit, updating where activity qualifies, making evaluations of bank CRA performance more objective, and reporting results in a more timely and transparent manner.”
He added that changes such as those “have the potential to encourage billions more in CRA activity each year.”
Otting’s tour of the three areas – which the OCC indicated would be followed by visits to more areas in coming days or weeks– is part of the agency’s efforts to “develop a modern CRA regulatory framework.”
Comptroller of the Currency Visits Areas of Washington, D.C., to Discuss Community Reinvestment Success and Opportunities