CRC on extension of proposed CRA rule comment period

Paulina Gonzalez, the Executive Director of the California Reinvestment Coalition issued the following statement in response to today’s news that OCC Comptroller Joseph Otting Office is going to extend the comment period on the proposed CRA rule for an additional 30 days:

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Paulina Gonzalez's statement on the ex

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“When asked by Congress, Mr. Otting said that he would not extend the comment period on his proposed CRA rule that threatens to dismantle this important civil rights law.  But we know that when communities organize we win, and organize we did. Communities across the country pushed for more time despite Mr. Otting’s intransigence. Today, this is a big win, and is a direct result of intense pressure from our members, allies and community groups nationally, as well as Congressional representatives, who recognized that more time is needed to review a proposal that will have profound impacts on communities of color. Now we move on, to continuing to push back against this proposal that threatens to exacerbate banking discrimination and redlining.”

OCC Comptroller to dismantle CRA?

Background:

CRC and CRC member groups have been organizing against the OCC's moves to weaken CRA for months. CRC's Executive Director Paulina Gonzalez-Brito testified in Congress twice this year, raising concerns about the OCC's proposal and the harmful impacts it will have on low income communities and communities of color, pushed for an extension of the comment period, and raised concerns about Comptroller Otting and his apparent hostility towards CRA and community groups since his time as CEO of OneWest Bank. CRC has documented OneWest's poor reinvestment record, redlining practices, mass foreclosures, and "fabricated” comment letters in support of the Bank while Mr. Otting was CEO.

Paulina Gonzalez-Brito

Executive Director

California Reinvestment Coalition

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver