Velázquez on FDIC Vote to Weaken Community Reinvestment Act

Washington, DC – Rep. Nydia M. Velázquez commented on the Federal Deposit Insurance Corporation (FDIC) Board's vote on proposed regulatory reforms to the Community Reinvestment Act (CRA):

"The Community Reinvestment Act is an important regulatory bulwark that helps prevent redlining and other discrimination in the U.S. banking system. The FDIC's vote to adopt the Office of the Comptroller of the Currency's proposal which will likely limit lending, investing and the availability of financial services in low- and moderate-income and underserved communities.

"Simply put, the Trump Administration is letting banks off the hook and diluting a program that is vital to preventing racist discrimination in the financial services sector. Should this proposal be implemented, I will explore all available options with my colleagues on the Financial Services Committee to remedy the impact. We cannot reverse the progress we've made and go back to the bad old days when people of color and underserved communities were consistently denied economic opportunity and access to credit, due to racism in the banking industry."

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