Political Quotes

“I thank the gentleman for yielding. I rise in opposition to the resolution on the floor today. We agree that the Community Reinvestment Act is an important historic piece of legislation; however, my friends across the aisle have mischaracterized the OCC's rule and the modernization of the CRA. First, the OCC's rulemaking process has been thorough, inclusive, and thoughtful. CRA regulations haven't been meaningfully updated since 1995, making this a much-needed effort to ensure that regulations match the modern state of the banking industry. The OCC's processes included input from the Federal Reserve, the FDIC, the Federal Financial Institutions Examination Council, and the Treasury Department. The OCC has also provided ample opportunities for regulated banks and consumer groups to weigh in. What is more, 94 percent of the participants in the OCC's advance notice of proposed rulemaking agreed that the current CRA rules lack objectivity, transparency, and fairness. These are the central themes to the OCC's modernization effort. Second, this update to the CRA is needed now more than ever. One large bank's CEO recently noted that due to COVID-19, the bank has seen somewhere between a 17 and 35 percent increase in online banking activity that normally would have been conducted in the branch. Americans are turning to online banking resources now more than ever.…”