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OCC Finalizes Community Reinvestment Act Rule Changes

“In a letter from April 8, the National Housing Conference responded to proposed changes to CRA rulemaking, stating that ‘we have no idea how severely the pandemic will impact our economy, the financial system and communities throughout the nation. Committing resources to regulatory initiatives that do not directly support our national response to the COVID-19 pandemic is a dangerous distraction.”

OCC Releases Final CRA Rule

“While some constructive changes have been made to the proposed rule, the fundamental basis of our objections remain intact as the final rule demonstrably guts the purpose and intent of the CRA. In many ways, the rule reduces the clarity and consistency that served as the impetus to modernize CRA in the first place.” – David M. Dworkin

What Role Can Affordable Housing Play in the Economic Comeback?

“Housing construction is going to play a critical role in getting people back to work,. It really reframes the whole conversation because it’s not just a housing issue. It’s a jobs issue. There are going to be millions of people who need to go back to work, who are not going to have jobs, and we have a pre-existing shortage of affordable housing.” – David M. Dworkin

What Would It Mean to Cancel Rent?

“We want to have a diverse economy. We don’t want to create opportunities for bottom feeders to take advantage of a crisis. We don’t need to enable that by forcing small and independent apartment owners into bankruptcy.” – David M. Dworkin

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