“No matter where we live, we all deserve a fair chance at getting the credit we need to buy a home or revitalize our business,” said Attorney General Becerra. “The Community Reinvestment Act helps make that happen. Good-faith endeavors to strengthen it can help make a direct difference in the lives of Californians who have been hit the hardest by this pandemic. At the
Since the CRA was enacted in 1977, it has helped direct trillions of dollars in investments back to low- and moderate-income communities, increasing access to financial services and loans that incentivize the availability of affordable housing and support small businesses across the country. During the current economic and public health crisis, safeguarding and strengthening the law's mechanisms to tackle persistent, structural inequality remains as important as ever. Compliance with the CRA is overseen by three regulatory agencies: The
In their comment letter, the multistate coalition of attorneys general applauds the
* Affordable housing and preventing homelessness, with the
* Serving financial needs of low- and moderate-income communities, with the
* Potential for increasing access to credit and deposit services for small businesses hit hard by the pandemic, with the proposal tightening the definition of small businesses and farms in order to help better meet the credit and banking services needs of residents who may have struggled to obtain relief.
Attorney General Becerra is committed to protecting hardworking Americans and their families and ensuring access to fair and affordable housing. Last month, the Attorney General joined a lawsuit challenging an OCC regulation threatening to facilitate predatory lending schemes. Last year, Attorney General Becerra filed a comment letter in defense of antidiscrimination protections that help ensure equal and consistent access to shelters. He also intervened in a lawsuit to protect the state's ability to address housing availability and affordability. In 2019, the Attorney General filed an amicus brief in support of the
In filing the comment letter, Attorney General Becerra is joined by the attorneys general of
A copy of the comment letter is available here: https://oag.ca.gov/system/files/attachments/press-docs/CRA%20Fed%20ANPR%20multistate%20comment%20letter.final_.pdf.