releases: https://www.brown.senate.gov/newsroom/press/release/brown-waters-and-meeks-lead-house-and-senate-committee-democrats-in-letter-to-regulators-on-proposed-cra-changes
Data license: MIT · Data source: dwillis/congress-press
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| https://www.brown.senate.gov/newsroom/press/release/brown-waters-and-meeks-lead-house-and-senate-committee-democrats-in-letter-to-regulators-on-proposed-cra-changes | Brown, Waters, and Meeks Lead House and Senate Committee Democrats in Letter to Regulators on Proposed CRA Changes | 2019-12-11 | 2019 | 2019-12 | Democrat | House | OH | Sherrod Brown | B000944 | www.brown.senate.gov | legacy | Wednesday, December 11, 2019 WASHINGTON -- Today, Senator Sherrod Brown (D-OH), Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Gregory Meeks (D-NY), Chairman of the House Subcommittee on Consumer Protection and Financial Institutions, led a letter to Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, Joseph M. Otting, Comptroller of the Currency, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, demanding that regulators provide the public, Members of Congress, and all interested parties with adequate time to thoroughly review and offer input on proposed changes to the framework of the Community Reinvestment Act (CRA). The letter was signed by every Democratic Member of the House Financial Services Committee and Senate Committee on Banking, Housing and Urban Affairs. The CRA is a critical tool to combat redlining, a practice that still exists by which banks discriminate against prospective customers based primarily on where they lived, or their racial or ethnic background, rather than creditworthiness, the lawmakers wrote. Many of us have shared our views and concerns with you regarding your proposed changes to implementation of the CRA. Based on your past responses and statements, as well as the feedback we have received from interested stakeholders, we remain extremely concerned about the direction any proposed rule is likely to take and efforts to arbitrarily rush to finalize a rule in the near future. See the full text of the letter below. The Honorable Jerome H. Powell Chairman Board of Governors of the Federal Reserve System 20th Street & Constitution Avenue, NW Washington DC 20219 The Honorable Joseph M. Otting Comptroller Office of the Comptroller of the Currency 400 7th Street SW Washington, DC 20551 The Honorable Jelena McWilliams Chairman Federal Deposit Insurance Corporation 550 17th Street, NW Washington, DC 20429 Dear Chairman Powell, Comptroller Otting, and Chairman McWilliams: We are writing regarding recent testimony and news that one or more of your agencies may soon issue a proposed rule to revise regulations implementing the Community Reinvestment Act (CRA).[1] As you know, the law directs your agencies to hold banks accountable in fulfilling their continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.[2] The CRA is a critical tool to combat redlining, a practice that still exists by which banks discriminate against prospective customers based primarily on where they live, or their racial or ethnic background, rather than creditworthiness.[3] Many of us have shared our views and concerns with you regarding your proposed changes to implementation of the CRA. Based on your past responses and statements, as well as the feedback we have received from interested stakeholders, we remain extremely concerned about the direction any proposed rule is likely to take and efforts to arbitrarily rush to finalize a rule in the near future. To the extent one or more of your agencies decides to proceed with a proposed rule, we request that you provide a public comment period of no less than 120 days for substantive review and comment on the proposal. Given the complexity of this rulemaking and the impact of the CRA, particularly within communities of color and for those who have been historically underserved by our financial system, it is essential that your agencies provide adequate time for thorough review by all interested parties. We look forward to your prompt attention to this request. Sincerely, Rep. Maxine Waters Senator Sherrod Brown Rep. Gregory W. Meeks Senator Jack Reed Senator Robert Menendez Senator Jon Tester Senator Mark R. Warner Senator Elizabeth Warren Senator Brian Schatz Senator Chris Van Hollen Senator Catherine Cortez Masto Senator Doug Jones Senator Tina Smith Senator Kyrsten Sinema Rep. Carolyn B. Maloney Rep. Nydia M. Velzquez Rep. Brad Sherman Rep. Wm. Lacy Clay Rep. David Scott Rep. Al Green Rep. Emanuel Cleaver Rep. Ed Perlmutter Rep. Jim A. Himes Rep. Bill Foster Rep. Joyce Beatty Rep. Denny Heck Rep. Juan Vargas Rep. Josh Gottheimer Rep. Vicente Gonzalez Rep. Al Lawson Rep. Michael San Nicolas Rep. Rashida Tlaib Rep. Katie Porter Rep. Cindy Axne Rep. Sean Casten Rep. Ayanna Pressley Rep. Ben McAdams Rep. Alexandria Ocasio-Cortez Rep. Jennifer Wexton Rep. Stephen F. Lynch Rep. Tulsi Gabbard Rep. Alma Adams Rep. Madeleine Dean Rep. Jess Chuy Garca Rep. Sylvia Garcia Rep. Dean Phillips cc: The Honorable Kathy Kraninger, Director, Consumer Financial Protection Bureau The Honorable Martin Gruenberg, Board Member, Federal Deposit Insurance Corporation The Honorable Richard Clarida, Vice Chair, Board of Governors of the Federal Reserve System The Honorable Randal Quarles, Vice Chair for Supervision, Board of Governors of the Federal Reserve System The Honorable Lael Brainard, Governors, Board of Governors of the Federal Reserve System The Honorable Michelle Bowman, Governors, Board of Governors of the Federal Reserve System | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |