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McHenry Raises Concerns with CRA Proposal

Washington, May 5 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding the Notice of Proposed Rulemaking on the Community Reinvestment Act (CRA) released today by the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Federal Reserve:

“Modernization of the CRA is long overdue,” said Republican Leader McHenry. “It’s critical that our banking regulations reflect the technology driven nature of our 21^st Century financial system. The previous administration undertook this crucial effort to encourage banks to continue providing the services most needed in low- to moderate-income neighborhoods, as well as distressed and rural communities.  While I hope this proposal will enhance the objectivity and transparency of CRA examinations, I fear it is yet another attempt to empower partisan activists to push their far-left agenda on our nation’s financial system. We must ensure any CRA modernization meets the current needs of the consumers it was intended to help and financial institutions alike.”

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