The U.S. Impact Investing Alliance applauds the Office of the Comptroller of the Currency (OCC) for proposing to rescind a rule from the previous administration that would have significantly weakened the Community Reinvestment Act (CRA).

If left to stand, the rule would have jeopardized a critical policy for driving capital to underserved communities at a time when stability is paramount given ongoing challenges such as the COVID-19 pandemic and ensuing economic downturn, systemic racism and the climate crisis.

The three regulating agencies - the OCC, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) - are now primed to pursue an aligned and modernized regulatory framework that honors the core purpose of the CRA.

Fran Seegull, President of the Alliance, wrote in comments to the Federal Reserve earlier this year, “consistency among agencies is not only important for CRA-regulated banks and the communities in which they invest, but it is also vital for impact investors who depend upon the stability of the CRA market.” Read more about the Alliance’s vision for the future of the CRA here.

The Alliance is eager to engage with the three agencies throughout the rulemaking process to ensure that the CRA is strengthened and reaffirmed to support a just and equitable recovery.