David Weber, PHADA Policy Analyst
The Community Reinvestment Act requires banks to provides services and extend credit to the communities they serve. As reported in the January 25 issue of the Advocate the notice of proposed joint rulemaking was issued by the Office of the Controller of the Currency (Department of the Treasury) and the Federal Deposit Insurance Corporation (FDIC), but the Federal Reserve Board has not signed on to the proposed rule. Many, including the National Community Reinvestment Coalition (NCRC) and House Financial Services Committee Chair Maxine Waters (D-CA) have called for an extension of the comment period and a suspension of all non-emergency rulemaking for the duration of the current national emergency. So far, those calls have gone unheeded.
PHADA submitted the comments below focused on how the rule could affect public housing authorities and the households and communities we serve.
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