Dear CDFI Connect Community,
Yesterday, the US Department of the Treasury released recommendations
on Community Reinvestment Act modernization. OFN issued a statement
to the media and will be monitoring developments closely.
Overall, OFN found Treasury's recommendations quite thoughtful. OFN was consulted by Treasury officials in the development of the paper, and we were pleased that some, but by no means all, of our recommendations were included (see page 23). As with most policy proposals, the "devil will be in the details." One person's definition of "flexibility" could be another's definition of "weakening," so we must pay careful attention as this debate unfolds.
Bank regulators are expected to release their own proposed reforms any day now which may or may not track the Treasury Department's recommendations. OFN will be back in touch with you with more information, analysis, and opportunities for advocacy. Feel free to contact me with questions or suggestions about CRA or other OFN public policy issues.
Executive Vice President, Policy
Opportunity Finance Network