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Waters Blasts Senate Republicans’ Vote to Abet Redlining By Blocking Resolution Reversing Harmful Community Reinvestment Act Rule

Washington, DC, October 20, 2020
Tags: OCC

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement after H.J. Res 90, a Congressional Review Act resolution introduced by Chairwoman Waters and Congressman Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, to reverse the harmful Community Reinvestment Act rule finalized in May by the Office of the Comptroller of the Currency (OCC), was voted down in the United States Senate:

“Senate Republicans have given a green light to modern day redlining by voting down a resolution introduced by me and Representative Meeks to reverse former Comptroller Joseph Otting’s Community Reinvestment Act rule, which will result in harm to low- and moderate-income communities across the nation. The Community Reinvestment Act is a critical law which is intended to combat redlining, a discriminatory practice that persists today where banks do not offer mortgages and other loans on equal terms to communities of color. The law requires banks to provide affordable credit in all communities where they are chartered. With this vote in the midst of a global pandemic, Senate Republicans would rather give cover to Otting and his personal vendetta against a program that held him to account while he was CEO of OneWest Bank than take meaningful action to ensure that these communities, which are already disproportionately suffering, have equal access to banking services. Otting’s OCC rule would effectively turn the Community Reinvestment Act into the Community Disinvestment Act, making it easy for banks to get a passing grade with consumers paying the price. I will continue to work to strengthen the Community Reinvestment Act and ensure that all communities have fair access to banking services.”

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