Chris Coons: “I rise to join my colleagues from Ohio and from New Jersey in saying that we should not allow this OCC rule, gutting the…”

“I rise to join my colleagues from Ohio and from New Jersey in saying that we should not allow this OCC rule, gutting the core elements of the CRA, to move forward. The Community Reinvestment Act is a landmark civil rights and anti-redlining law created to improve the welfare of low- and moderate-income Americans all over our Nation and to assess banks lending to, investing in, and serving of the communities in which they do business. The Community Reinvestment Act works. Since its enactment in 1977, it has resulted in trillions of dollars invested in low- and moderate- income communities. It promotes fair treatment and equal access to credit and capital for Black and Brown communities, for underserved populations, and it is essential to the economic health of our country. It is a successful incentive for banks to provide mortgage lending and financial services to neighborhoods of color and low- and moderate- income communities. There is a long legacy of racial discrimination in our Nation in financial services, and the Community Reinvestment Act has been a vital tool in helping to fight that cruel legacy. In Delaware, I have seen the benefits of the CRA firsthand. I have seen investments in affordable housing, homeownership opportunities, and economic and small business development as a result.…”