Washington, D.C. — BPI SVP and Associate General Counsel Dafina Stewart today released the following statement on the banking agencies’ Community Reinvestment Act announcement:
“BPI applauds the decision announced today by the Federal Reserve, FDIC and OCC that they will commit to a joint CRA rulemaking. We also welcome the OCC’s steps to rescind its standalone CRA rule. BPI has long argued that the application of inconsistent CRA standards to banks regulated by different federal banking agencies would harm the banking industry’s ability to work together with the communities it serves to identify and execute on meaningful community reinvestment opportunities. We look forward to a coordinated interagency approach, which will produce the best outcomes for low- to moderate-income and underserved minority communities.”
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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