Today, the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) announced they are extending the public comment period on proposed regulatory changes to the Community Reinvestment Act (CRA) to April 8. The original deadline was March 9, which would have been a 60-day comment period.
The National Housing Conference (NHC) previously shared concern the comment period was not long enough to provide constructive and specific recommendations on how CRA modernization can be successful.
“It’s in the best interest of regulators to not rush modernizing CRA,” said NHC President and CEO David Dworkin. “It’s more important to get it right. NHC has dozens of our members working on a detailed response, along with a team from Nixon Peabody and Georgetown Law School. If the OCC and FDIC really want to improve CRA without gutting it, they need to take this comment period and the resulting feedback very seriously. Extending the comment period is an important first step.”
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.