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11 these targeted communities and is just not supported by data," Meeks said of Otting's proposal. Meeks added that numerous banks are opposed to the plan and community groups have called possible changes "betrayal of the original intent of the CRA." Otting, in response to the accusations against his proposal, said his intent is to strengthen the CRA, not weaken it. He said this proposal can achieve that by utilizing four metrics: Clarify what counts, clarify where it counts, measure CRA performance, and make reporting transparent and timely. He said that Congress was informed of a proposal to change the CRA in 2007 and the Department of the Treasury received recommendations in both 2017 and 2018. "is has been a lengthy and transparent process and has been consistent with the letter and spirit of the Administrative Procedures Act," Otting said. He added that more than 90% of the comments his office received said the CRA lacks objectivity, fairness, and transparency. Otting called the claim his proposal would permit redlining "blatantly false." "Nothing in this proposal changes the agency's authority to enforce fair lending laws to prevent discrimination and redlining," he said. He also said claims his proposal would use a single metric to determine a bank's CRA rating are false. Otting said his proposal requires examiners to use retail lending tests for each product. Examiners would then evaluate the impact of a banks' CRA activity by measuring the dollar value of that activity in each assessment and that overall bank. Among the concerning aspects of the CRA to Waters is the ability of banks to receive CRA credit for financing sports stadiums. Otting said this practice has been a part of the legislation since 1993. His current proposal doesn't change that but noted the OCC is open to suggestions. Waters, however, objected to this notion, saying sports stadiums located in opportunity zones come with little regard to how they impact low-and moderate-income communities. She also questioned whether the Fed signed off on this proposal, to which Otting said no. Otting, however, said later in the hearing that he has been engaged with the Fed "thousands of times" on this matter. She said that Otting and his office "do not wish to work with us," as members of the committee came to a board meeting to let their opposition to possible changes be known. "You've decided you will work with no one. is is your proposal. is is what you want. is is what we get," Waters said. "Forget about the Congress of the United States or anybody else—that you know better than anybody else." e latest proposal clarifies the approach of the bill and, for the first time since 1977, lists eligible investments that qualify for CRA credit. Otting added his office will not extend the comment period to 120 days. He said the document was published on December 9, 2019, and will be closed on March 9, 2020— leaving it open for comment for 88 days. "Under Comptroller 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." —Maxine Waters (D-California), Chairman of the House Financial Services Committee Register to receive your Daily Dose at DSNews.com GET YOUR DAILY DOSE OF DEFAULT SERVICING NEWS Start your day with the most current and critical news on the mortgage default servicing industry from DSNews.com. Sign up for our email newsletter and get the top stories delivered direct to your inbox every day. Register to receive your Daily Dose at DSNews.com