WASHINGTON- The National Housing Conference (NHC) this week expressed its support of a congressional resolution to repeal the Office of the Comptroller of the Currency’s (OCC) final rule on the Community Reinvestment Act (CRA).
“This rule eliminates the fundamental value of CRA,” wrote David M. Dworkin, NHC president and CEO.
On June 11, House Financial Services Committee Chairwoman Maxine Waters introduced H.J.Res.90 in response to the OCC’s final CRA rule, which was issued amid the one of the nation’s worst health and economic crises.
“We have no idea how severely the pandemic will impact our economy, the financial system and communities throughout the nation,” wrote Dworkin, in a June 22 letter to House Speaker Nancy Pelosi. “Committing resources to regulatory initiatives that do not directly support our national response to the COVID-19 pandemic is a dangerous distraction.”
On April 27, NHC joined 14 other major national organizations, including the National Association of REALTORS® and the National League of Cities, to urge regulators to refrain from “committing resources to regulatory initiatives that do not directly support our national response to the COVID-19 pandemic.”
The House is expected to take up the resolution this week.
About NHC: The National Housing Conference has been defending the American Home since 1931. Everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.