ABA Welcomes OCC Announcement on CRA
By Rob Nichols, President and CEO
"We welcome the OCC's decision to reconsider its final rule modernizing the agency's regulations under the Community Reinvestment Act. Today's action is a positive step, and we continue to urge the OCC to formally withdraw the rule or delay the compliance date.
"By reconsidering its CRA Rule, the OCC provides an opportunity for the regulatory agencies to pursue a joint rulemaking in this area. We still believe there is a compelling need to modernize CRA rules so they reflect the modern banking system and meet the needs of communities. Today's action by the OCC can help us get there. We look forward to working with the OCC and all stakeholders to achieve our shared goals of increasing investment and opportunity across the country."
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