The U.S. Impact Investing Alliance applauds the Office of the Comptroller of the Currency (OCC) for its issuance of a final rule yesterday rescinding the 2020 Community Reinvestment Act (CRA) rule from the previous administration.

A broad range of stakeholders opposed the 2020 rule for its dilution of a critical tool for ensuring low- and moderate-income communities have adequate access to credit and financial services. Alongside our peers, the Alliance has submitted several comments to the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the OCC expressing the need for the agencies to work collaboratively to uphold the CRA’s core purpose and to better address racial disparities in lending.

The OCC’s latest action represents a positive development that empowers the regulating agencies to pursue a more strengthened, modernized CRA together. The Alliance is eager to continue engagement with the agencies to establish a CRA that supports a just and equitable recovery and helps transform community investing to confront inequality.