• OFN Statement on U.S. Treasury's CRA Modernization Recommendations

    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.
    Jennifer Vasiloff
    Executive Vice President, Policy
    Opportunity Finance Network