August 08, 2022


The U.S. Chamber of Commerce (“the Chamber”) appreciates the opportunity to comment on the joint notice of proposed rulemaking (“NPR”) on the Community Reinvestment Act (“CRA”) by the OCC, Board, and FDIC (“Agencies”). We also appreciate the interagency coordination on the proposal that we requested with other organizations in a letter in 2021.

The Community Reinvestment Act, enacted in 1977, was landmark legislation designed to encourage financial institutions “to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.”2 The CRA has been a cornerstone of banking ever since and has helped banks meet the needs of communities across the United States. The Chamber supports the goals of the CRA and believes that access to safe and affordable credit is central to achieving the American dream and ascending the economic ladder. Our members work tirelessly to “serve the convenience and needs”3 of their communities and to fulfill the overarching goals of the statute.