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10 THE FUTURE OF THE CRA e Housing Financial Services Committee met with Joseph Otting, Comptroller of the Currency, Officer of the Comptroller of the Currency (OCC), to discuss proposed changes to the Community Reinvestment Act (RCA). Chairwoman of the Committee, Maxine Waters (D-California), voiced opposition to Otting's proposal to update the legislation. "Under Comptroller [ Joseph] Otting, the Community Reinvestment Act would become the Community Disinvestment Act. Such a radical change to the CRA demands a heightened level of public scrutiny," she said. Waters said that proposed changes to the CRA by the OCC would lead to "widespread bank disinvestment from low and moderate communities." She added the changes set forth by Otting would allow banks to receive a passing grade by doing the bare minimum. Waters said Otting was determined to push changes through "as soon as possible," allowing just a 60-day comment period. However, all 34 Democrats on the Committee, as well as other advocates, requested a minimum 120-day comment period, which has been customary for prior bills. e CRA was enacted in the 1960s as a response to redlining—a practice where banks discriminated against prospective customers based primarily on where they lived, or their racial or ethnic background, rather than creditworthiness. Under the current CRA framework, the primary banking regulators—specifically the OCC, Federal Deposit Insurance Corporation, and the Federal Reserve—conduct regular examinations to evaluate banks' activities to provide credit, services, and make investments in low-and moderate-income communities where the banks operate. e act only applies to banks with federally insured deposits. e legislation was last updated in 1995. Committee member Patrick McHenry said reform of the CRA is a "long-time coming." "e rise of mobile and online banking helps more consumers and communities than the CRA was intended to serve," he said. McHenry added that current CRA regulations are "outdated and technologically ineffective." Also voicing opposition was Committee Member Gregory Meeks, as he noted there is still evidence of discrimination in lending— something the CRA was meant to solve. "Your proposal decouples CRA from outcomes for intended communities, discounts the value of direct lending in mortgages to low-and moderate-income communities and communities of color, cuts out community organizations that work directly with Journal