The U.S. Impact Investing Alliance submitted comments to federal regulators today outlining our substantial concerns with proposed rules to fundamentally overhaul the Community Reinvestment Act (CRA). The proposed changes from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) would significantly dilute the CRA, putting billions of dollars of community development activities at risk at a time when American communities need them the most. The Alliance previously submitted comments last month urging regulators to extend the rulemaking until well after the COVID-19 National Emergency is lifted, echoing similar calls from the Presidents’ Council on Impact Investing.

To learn more about the potentially harmful implications of the proposed rules from the OCC and FDIC, click here.