NAAHL Submits Community Reinvestment Act Comment Letter on Joint Reinstatement of 1995 Rule

Community Reinvestment Act
Written By National Association of Affordable Housing Lenders

Yesterday, NAAHL submitted comments in response to the Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation’s (FDIC) joint proposed Community Reinvestment Act (CRA) regulation to rescind the 2023 CRA rule and to reinstate the 1995 CRA rule. In 2023, the three banking regulators jointly issued an updated CRA regulation, but that regulation was never implemented. Today, banks are operating under the prior CRA regulation, the foundation of which was adopted in 1995.

In its letter, NAAHL applauded the regulators’ joint proposal, which will give banks and their partners the certainty they need to make the long-term loans and investments that their communities need and that are at the heart of CRA. For nearly 50 years, CRA has encouraged banks to ensure that they are meeting the credit needs of their entire communities, including low- and moderate-income neighborhoods. CRA continues to play a critical role in ensuring that all communities have access to the credit they need to thrive.

NAAHL also joined a comment letter submitted by a group of real estate industry organizations emphasizing the importance of CRA for supporting affordable housing development and preservation and urging the banking regulators to reinstate the 1995 regulation.

 

National Association of Affordable Housing Lenders

NAAHL is the only national alliance of banks, CDFIs, and other capital providers dedicated to expanding economic opportunity by financing affordable housing and neighborhood revitalization. NAAHL has worked to advance responsible community reinvestment, fight predatory lending, and strengthen public-private partnerships.

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