Today, NHC reiterated its commitment to a Community Reinvestment Act (CRA) framework that affirmatively advances racial equity in its response to the Office of the Comptroller of the Currency’s (OCC) proposal to rescind a controversial 2020 rule that would have set progress back decades.
“CRA was passed in direct, explicit response to redlining, a practice that targeted people of color regardless of income or credit risk to deny them the same wealth-building opportunities afforded to White Americans,” said NHC President and CEO David M. Dworkin. “NHC has always maintained that in order to be faithful to that original purpose, a modernized CRA regulation must incent financial institutions to lend not only in low- and moderate-income communities, but in communities of color specifically.”
Dworkin commended Acting Comptroller of the Currency Michael J. Hsu for his leadership in reversing the 2020 rule, saying, “Acting Comptroller Hsu has played a central role in ensuring that one of this country’s most important banking regulations remains a force for progress. OCC’s rescission of the 2020 rule will be a vital first step toward a unified CRA regulation that redresses the harms of redlining and other forms of housing discrimination after nearly a century of pretending they aren’t there.”
About NHC: The National Housing Conference (NHC) has been defending the American Home since 1931. NHC is a diverse continuum of affordable housing stakeholders that convene and collaborate through dialogue, advocacy, research, and education, to develop equitable solutions that serve our common interest – an America where everyone is able to live in a quality, affordable home in a thriving community. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.