Providing for Congressional Disapproval of Rule Submitted By Office of the Comptroller of the Currency Relating to ``Community Reinvestment Act Regulations''

Floor Speech

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Ms. WATERS. Madam Speaker, pursuant to House Resolution 1017, I call up the joint resolution (H.J. Res. 90) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to ``Community Reinvestment Act Regulations'', and ask for its immediate consideration in the House.

The Clerk read the title of the joint resolution.

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Ms. WATERS. Res. 90 and to insert extraneous material thereon.

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Ms. WATERS. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.J. Res. 90, a Congressional Review Act resolution of disapproval to nullify the Office of the Comptroller of the Currency's rule undermining the Community Reinvestment Act.

I introduced this resolution with our Consumer Protection and Financial Institutions Subcommittee chair, Representative Meeks, and I am proud we are joined by 70 other Members who have cosponsored the resolution.

The Community Reinvestment Act is a civil rights act. It is a law enacted in 1977 to prevent the discriminatory practice of redlining, in which banks discriminate against prospective customers in nearby neighborhoods, often based on their racial or ethnic background. The law requires banks to invest and lend responsibly in low- and moderate- income communities where they are chartered.

Unfortunately, implementation of the Community Reinvestment Act has not been robust. Today, 98 percent of the banks routinely pass their Community Reinvestment Act exams. However, research has shown that more than 60 metro areas across the country are now experiencing modern-day redlining today. These findings clearly demonstrate the need to strengthen the implementation of the law. Unfortunately, the OCC's rule would do the opposite.

Despite the warnings of a wide range of stakeholders, former Comptroller Otting rushed to finalize this rule in his final days on the job. So, without the support--without the support--of the Federal Reserve or the Federal Deposit Insurance Corporation, the other banking regulators were responsible for enforcing the law.

Mr. Otting appears to have been determined to undermine the Community Reinvestment Act ever since the law complicated his efforts to quickly obtain regulatory approval for OneWest Bank, a bank that he ran with Treasury Secretary Mnuchin, to merge with another bank in 2015.

I am deeply concerned that the OCC's final rule will harm low-income and minority communities that are disproportionately suffering during this crisis, effectively turning the Community Reinvestment Act into the community disinvestment act.

If this resolution is not adopted, we will have different rules for different banks, leading to regulatory arbitrage and a race to the bottom of weaker standards that will only hurt the people the law is intended to help.

Notably, the OCC rule was adopted with insufficient and incomplete data, and it incentivizes large deals at the expense of smaller and more continuous financial transactions that truly benefit LMI communities.

For example, the OCC final rule allows CRA credit to be given for activities in LMI-qualified opportunity zones, but the rule does not ensure that these activities promote community development that includes affordable housing or small business economic development. This can lead to the unacceptable result of banks receiving CRA funding for building luxury housing in opportunity zones, providing no direct benefit to LMI communities.

Additionally, the OCC concedes it does not have all the data it needs to properly implement its new CRA framework, with the rules stating that the OCC will need to issue yet another notice of proposed rulemaking in the future to help set specific benchmarks, thresholds, and minimums. It doesn't speak highly of a rule when the office says it is half baked.

A wide range of stakeholders have criticized OCC's efforts. For example, a group of civil rights and consumer groups issued a statement noting: ``The new OCC rules stick with an overly simplistic metrics system that creates a loophole for banks to exploit, allowing them to get a passing CRA rating by making investments in communities where they can reap the largest rewards, while leaving too many credit needs unmet for underserved consumers and neighbors.''

During these difficult times, communities across the country have taken to the streets to demand justice and to tell their elected officials that they can no longer ignore the needs of communities of color. In a letter supporting this resolution from various organizations led by the Leadership Conference on Civil and Human Rights and National Community Reinvestment Coalition, they wrote: ``In the weeks since the OCC finalized its rule, our Nation has been facing a long overdue reckoning with our troubled legacy of racial and ethnic discrimination. . . . Now is certainly not the time to weaken the most important civil rights laws we have at our disposal to correct those disparities.''

Congress must block any effort by the Trump administration to weaken our civil rights laws and send a strong message to Federal regulators that they should be doing all they can during this pandemic to help, not hurt, low- and moderate-income communities, and especially communities of color.

By passing this resolution, Congress will block the OCC's harmful rule so that, once the pandemic passes, banking regulators can renew efforts to collaborate, modernize, and strengthen the Community Reinvestment Act with a new joint rulemaking that truly benefits the community the law was intended to help.

Madam Speaker, I urge my colleagues in the House to vote ``yes'' on H.J. Res. 90.

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Ms. WATERS. Madam Speaker, I yield 3 minutes to the gentleman from New York (Mr. Meeks), who is the chairman of the Subcommittee on Consumer Protection and Financial Institutions and the coauthor of this bill.

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Ms. WATERS. Madam Speaker, I yield an additional 30 seconds to the gentleman.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Texas (Mr. Green), the chairman of the Subcommittee on Oversight and Investigations.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Washington (Mr. Heck), a senior member of the Financial Services Committee.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentlewoman from Massachusetts (Ms. Pressley), a member of the Financial Services Committee.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentlewoman from New York (Ms. Ocasio-Cortez), who is also a member of the Financial Services Committee.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Illinois (Mr. Garcia), a member of the Financial Services Committee.

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Ms. WATERS. Madam Speaker, I have additional speakers.

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Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Florida (Mr. Crist), who is a member of the Appropriations Committee.

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Ms. WATERS. Madam Speaker, if Mr. McHenry has no more speakers, I am prepared to close.

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Ms. WATERS. Madam Speaker, may I inquire as to how much time is remaining.

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Ms. WATERS. Madam Speaker, before I move into my closing, I would like to correct Mr. McHenry, who said the FDIC approved the OCC CRA rule this week. That is not correct. My staff just called the FDIC to confirm that they did not approve the rule.

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Ms. WATERS. I yield to the gentleman from North Carolina.

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Ms. WATERS. Madam Speaker, I yield myself the balance of my time.

Madam Speaker, I include in the Record multiple letters from dozens of consumers, community and civil rights groups in support of H.J. Res. 90. Chief Counsel's Office, Office of the Comptroller of the Currency, Washington, DC. Attention: Comment Processing

We are writing to oppose the Federal Deposit Insurance Corporation (FDIC) and the Office of Comptroller of the Currency's (OCC) proposed changes that would seriously weaken the Community Reinvestment Act (CRA) The U.S. Conference of Mayors has strong policy supporting the CRA. The law was passed in 1977 to end redlining, and to meet the credit needs of communities where banks do business. Discrimination in lending still exists.

But the FDIC and OCC proposed changes would make the banks less accountable to their communities through complex and confusing performance measures on CRA exams while oversimplifying how bank's performances to local needs are measured. Moreover, public input into the process will be difficult and limited. This will result in significantly fewer loans, investments and services to communities most in need of more credit and capital.

The CRA has been of enormous benefit to low- and -moderate income Americans. For example, since 1996, CRA-covered banks issued more than 27 million small business loans in low-and moderate-income tracts, totaling $1.093 trillion, and $1.076 trillion in community development loans that support affordable housing and economic development projects benefitting low-and moderate-income communities.

While such results are very good, the proposed rule will make it all but impossible to continue such impressive results. Moreover, much more can be achieved by regulations that modernize the CRA to take into account changes in the banking industry and the economy. For example, independent mortgage companies not covered by CRA make more than 50 percent of the home mortgages in our nation. If anything, the CRA should be strengthened to reflect changing demographics and changes in the financial industry, and not weaken the CRA as the proposed rule would do. We strongly encourage you to reconsider a proposed rule, and look to modernizing CRA that will truly benefit low and moderate income citizens. Sincerely,

Justin Wilson, Alexandria, VA; Satya Rhodes-Conway, Madison, WI; Alan L. Nagy, Newark, CA; Alan Webber, Santa Fe, NM; Sam Weaver, Boulder, CO; Carlo DeMaria Jr., Everett, MA; Robert Garcia, Long Beach, CA; Steve Benjamin, Columbia, SC; Jerome A. Prince, Gary, IN; Brian C. Wahler, Piscataway, NJ; Gregory J. Oravec, Port St. Lucie, FL; Steve Adler, Austin, TX; Robert Donchez, Bethlehem, PA; Jack W. Bradley, Lorain, OH; David J. Berger, Lima, OH; Scott Conger, Jackson, TN; Joe Coviello, Cape Coral, FL; Denny Doyle, Beaverton, OR; Hillary Schieve, Reno, NV; Trey Mendez, Brownsville, TX; Patrick J. Furey, Torrance, CA; Marcia A. Leclerc, East Hartford, CT; Jesse Arreguin, Berkeley, CA; Jim Kenney, Philadelphia, PA; Nan Whaley, Dayton, OH; Christopher L. Cabaldon, West Sacramento, CA; Martin J. Walsh, Boston, MA; Allan Ekberg, Tukwila, WA; Jorge O. Elorza, Providence, RI; Juan Carlos Bermudez, Doral, FL; Frank C. Ortis, Pembroke Pines, FL; Bryan K. Barnett, Rochester Hills, MI; Jacob Frey, Minneapolis, MN; Ron Nirenberg, San Antonio, TX; Joy Cooper, Hallandale Beach, FL; Lyda Krewson, St. Louis, MO; Steve Schewel, Durham, NC; John Giles, Mesa, AZ; James B. Hovland, Edina, MN; Nathan Blackwell, St. Cloud, FL; Hazelle Rogers, Lauderdale Lakes, FL; Eric Johnson, Dallas, TX; Mark W. Mitchell, Tempe, AZ; Tom Dailly, Schaumburg, IL; Andy Berke, Chattanooga, TN; Pauline Russo Cutter, San Leandro, CA; Steve Gawron, Muskegon, MI; William Peduto, Pittsburgh, PA; Lioneld Jordan, Fayetteville, AR; Muriel Bowser, Washington, DC; Regina Romero, Tucson, AZ; Geoff Kors, Palm Springs, CA; Acquanetta Warren, Fontana, CA; Michael B. Hancock, Denver, CO; Mike Duggan, Detroit, MI; Leirion Gaylor Baird, Lincoln, NE; Keisha Lance Bottoms, Atlanta, GA; Greg Fischer, Louisville, KY; Victoria Woodards, Tacoma, WA; Tim Keller, Albuquerque, NM; Patrick L. Wojahn, College Park, MD; Louis `Woody' L. Brown, Largo, FL; Ted Wheeler, Portland, OR; Erin J. Mendenhall, Salt Lake City, UT; Daniel J. Stermer, Weston, FL; John Cranley, Cincinnati, OH; Lori E. Lightfoot, Chicago, IL; Carolyn G. Goodman, Las Vegas, NV; Christina Muryn, Findlay, OH; James Allen Joines, Winston-Salem, NC; Sam Liccardo, San Jose, CA; Jon Mitchell, New Bedford, MA; Robert Restaino, Niagara Falls, NY; Chris Koos, Normal, IL; Lily Mei, Fremont, CA; Bridget Donnell Newton, Rockville, MD; Jeffrey Z. Slavin, Somerset, MD; Bernard `Jack' C. Young, Baltimore, MD; Kenneth D. Miyagishima, Las Cruces, NM; Carol Dutra-Vernaci, Union City, CA; Mary Casillas Salas, Chula Vista, CA; Lucy K. Vinis, Eugene, OR; Thomas `Tom' C. Henry, Fort Wayne, IN; Debra March, Henderson, NV; Andrew J. Ginther, Columbus, OH; Kevin McKeown, Santa Monica, CA; Anne McEnerny-Ogle, Vancouver, WA; Michael Vandersteen, Sheboygan, WI; David Anderson, Kalamazoo, MI; Melvin Carter, St. Paul, MN; Ashira Mohammed, Pembroke Park, FL; Amy Bublak, Turlock, CA; Daniel Rivera; Lawrence, MA; William `Bill' Edwards, South Fulton, GA; Richard C. David, Binghamton, NY; Katrina Foley, Costa Mesa, CA; Shari Cantor, West Hartford, CT; Rex Hardin, Pompano Beach, FL; Tracy Johnson, Lockington, OH. ____ California Reinvestment Coalition, June 23, 2020. CRC and CA Groups Support H.J. Res. 90

Dear Speaker Pelosi, The California Reinvestment Coalition (CRC) and our member organizations and allies write in strong support of H.J. Res. 90, the Congressional Review Act Resolution to reverse the harmful rule recently finalized by the Office of the Comptroller of the Currency (OCC) which would gut the Community Reinvestment Act (CRA). Please find following a letter from over sixty (60) California based and California servicing organizations in support of the Resolution.

The California Reinvestment Coalition builds an inclusive and fair economy that meets the needs of communities of color and low-income communities by ensuring that banks and other corporations invest and conduct business in our communities in a just and equitable manner.

The CRA is a critical piece of civil rights legislation that has worked to fight historic and continuing redlining practices, and to bring much needed lending and investment into low-income communities of color. The CRA encourages banks to help meet local community credit needs by creating opportunities for homeownership, small business ownership, job creation, financial capability, and affordable housing and community development in neighborhoods that have been otherwise excluded from the financial mainstream and the American dream.

The OCC's harmful rule will reverse these gains by substantially lowering the bar and enabling banks to get passing grades through activities that are further and further removed from low-income communities, homeowners, tenants and small businesses. The OCC takes this damaging action during a pandemic that has had a disproportionate impact on the very communities meant to benefit from CRA.

We urge all members of Congress to co-sponsor and vote in favor of this important resolution. Defending civil rights and protecting communities ravaged by redlining and systemic racism has never been more important.

Thank you for your concern regarding these issues and your consideration of our views. Very Truly Yours, Kevin Stein, Deputy Director.

Abundant Housing LA, AnewAmerica Community Corporation, Asian Pacific Islander Small Business Program, ASIAN, Inc., CAARMA Consumer Advocates Against Reverse Mortgage Abuse, Cabrillo Economic Development Corporation, California Capital Financial Development Corporation, California Coalition for Rural Housing, California Housing Partnership, California Reinvestment Coalition, California Resources and Training, CAMEO--California Association for Micro Enterprise Opportunity, CCEDA, CDC Small Business Finance, Center for Responsible Lending, CHOC, City Heights Community Development Corp, City of Livingston, Coachella Valley Housing Coalition, Coalition for Economic Survival (CES), Community Housing Development Corporation, Community Economics, Consumers for Auto Reliability and Safety, East Bay Asian Local Development Corporation, East Bay Housing Organizations (EBHO), Fair Housing Advocates of Northern California, Faith and Community Empowerment (formerly KCCD), Family Financial Well-Being Collaborative--Ventura County CA, Fresno CDFI dba Access Plus Capital, Home Preservation and Prevention Inc DBA HPP Cares, Housing Rights Center, LA Forward, Law Foundation of Silicon Valley, Los Angeles LDC, Main Street Launch, Merritt Community Capital Corporation, Mission Asset Fund (MAF), Mission Economic Development Agency (MEDA), Multicultural Real Estate Alliance for Urban Change, MyPath, Neighborhood Housing Services of Los Angeles County, NeighborWorks Orange County, Non-Profit Housing Association of Northern California (NPH), Opportunity Fund, Oxnard Housing Authority, Pahali Community Land Trust, Public Counsel, Public Good Law Center, Public Law Center, Reinvent South Stockton Coalition, Renaissance Entrepreneurship Center, Sacramento Housing Alliance, Sacramento Housing and Redevelopment Agency, Self- Help Federal Credit Union, Spanish Speaking Unity Council of Alameda County, Inc., Strategic Actions for a Just Economy (SAJE), Tenderloin Neighborhood Development Co, The Fair Housing Council of San Diego, The Public Interest Law Project, Ventura County Community Development Corporation, Western Center on Law & Poverty, Women's Economic Ventures, Working Solutions, Maria Benjamin (Deputy Dir, San Francisco Mayor's Office of Housing and Community Development), Nick Cortez (Chair, California Progressive Alliance), Mark Moulton (Vice Chair, EPA CAN DO). ____ The Leadership Conference and National Community Reinvestment Coalition, June 23, 2020. Hon. Nancy Pelosi, Speaker of the House, House of Representatives, Washington, DC.

Dear Speaker Pelosi: We, the undersigned organizations, write to express our strong support for H.J. Res. 90, a Congressional Review Act resolution of disapproval that will nullify a rulemaking by the Office of the Comptroller of the Currency (OCC) that, if allowed to stand, would drastically undermine one of our nation's most important civil rights laws, the Community Reinvestment Act of 1977 (the CRA).

Enacted in 1977, the Community Reinvestment Act (CRA) has been vital in fighting redlining, a practice that systematically--and for decades, as a matter of federal policy--shut neighborhoods of color and lower-income communities out from home loans and other essential financial services. The CRA requires banks to undertake reasonable efforts to lend to and invest in all of the neighborhoods in areas where they do business. The law has helped to spur increased investments in formerly-redlined communities. It did not, however, prevent non-bank lenders (who are not subject to the CRA) from flooding communities of color with toxic subprime mortgages in the years before the 2008 crisis; and research shows that racial disparities in lending--which cannot be explained away by differences in credit scores-- persist to this day.

It is clear that the CRA needs to be modernized and strengthened in order to fulfill its original purpose. But in January, the OCC and the Federal Deposit Insurance Corporation (FDIC) published a Notice of Proposed Rulemaking (NPRM) that would instead significantly weaken the CRA. The agencies proposed new overly simplistic metrics system that would make it far easier for banks to pass their CRA exams by making large investments in communities where they can reap the largest rewards, rather than carefully-targeted, smaller investments in underserved consumers and neighborhoods.

Even before the NPRM was published, a wide range of stakeholders weighed in with both the OCC and FDIC to raise concerns and to ask for more data justifying the changes. Those concerns were not addressed, and the data was never released. By the time the NPRM was published, the United States and the world were just beginning to learn about the growing threat posed by a dangerous new respiratory virus. In the coming weeks, it became clear that the virus had not been contained, and it spread rapidly to multiple countries including the United States. As stakeholders and the public began devoting more and more resources and attention to the health, social, and economic fallout of the growing pandemic, and many urged the OCC and FDIC to temporarily suspend rulemaking not related to COVID-19, the agencies continued plowing ahead, only agreeing to a one-month extension for comments.

In the days before the deadline for comments on the rule, it had become clear that COVID-19 was proving fatal to communities of color--the very communities the CRA was intended to help-- at a rate several times higher than the population at large; the U.S. Surgeon General warned the public to prepare for ``our 9/11 moment,'' and models predicted 100,000 or more deaths in the United States alone. Only 41 days after the comment period ended, and even though only a minority of commenters voiced support for the new framework, the OCC rushed through a final rule that left it largely intact. The FDIC, to its credit, declined to finalize its version of the rule at this time.

In the weeks since the OCC finalized its rule, our nation has been facing a long-overdue reckoning with our troubled legacy of racial and ethnic discrimination. While much of the conversation has rightly been focused on police brutality and the impact of over-policing in communities of color, this conversation is inexorably tied to the lasting economic, social, and legal legacy of redlining and other forms of racial discrimination.

We will not succeed in addressing issues surrounding law enforcement in communities of color without also addressing decades of underinvestment in housing, employment, education, health care, transportation, and other factors that, to this day, have contributed to the longstanding disparities that are once again coming to light. Now is certainly not the time to weaken the most important civil rights laws we have at our disposal to correct those disparities.

As such, we urge Congress to support H.J. Res. 90, to overturn the OCC's regulatory attack on the Community Reinvestment Act. Thank you for your consideration. Sincerely

Alianza Nacional de Campesinas, Americans for Financial Reform, Color of Change, Consortium for Citizens with Disabilities Housing Task Force, Consumer Action, Equality California, Impact Fund, The Leadership Conference on Civil and Human Rights, Matthew Shepard Foundation, National Association for Latino Community Asset Builders (NALCAB), National Association of Consumer Advocates, National Community Reinvestment Coalition, National Community Stabilization Trust, The National Council of Asian Pacific Americans (NCAPA), National LGBTQ Task Force Action Fund, National Urban League, Prosperity Now, Woodstock Institute. ____ June 23, 2020. House of Representatives, U.S. Capitol, Washington, DC.

Dear Representative: The Center for Responsible Lending writes to express our strong support for H.J. Res. 90, a Congressional Review Act resolution of disapproval that will invalidate the Office of the Comptroller of the Currency (OCC) final rule on the Community Reinvestment Act.

The Community Reinvestment Act of 1977 (CRA) was one in a series of landmark civil rights legislation and is a critical tool to help our nation work toward overcoming the legacy of redlining. Today's racial wealth gap and lending disparities are in large part the result of decades of government policies and practices that enabled the redlining of communities of color for most of the 20th century. In the post-Depression era, federal policies that created housing opportunities for returning veterans and their families explicitly excluded people of color from the benefits of government-supported housing programs. Among these programs were public housing, the Home Owners' Loan Corporation (HOLC), and mortgage insurance through the Federal Housing Administration (FHA). Not only did this redlining segregate residential neighborhoods across the United States, but it granted whites the ability to build wealth through homeownership while denying equal opportunities for families of color to build similar home equity over the same period. The inequities that result from these discriminatory programs are part of the injustices that today's people led protests are demanding are addressed.

The CRA imposes continuing and affirmative obligations on banks to help meet the credit needs of the local communities in which they are chartered and continues to be an important tool for fostering access to credit for these communities today. The law has urged banks to more actively lend in LMI areas; it has also played a key role in ensuring bank participation in community revitalization efforts across the country.

Despite the importance of CRA and the community investment it has spurred, CRA rules must be strengthened. The CRA as applied has not done nearly enough to revitalize previously redlined areas and has not made a substantial dent in the lagging homeownership rate for people of color. The white homeownership rate is 73.7% while the rate is 44% and 48.9% for Black and Latino borrowers respectively. Additionally, bank lending in LMI communities and communities of color has declined dramatically since the Great Recession. And existing disparities will be further perpetuated in the face of the COVID-19 global public health and economic crisis.

Unfortunately, the OCC decided to act unilaterally--without the Federal Reserve and Federal Deposit Insurance Corporation--to issue a structurally flawed final rule that weakens the CRA and will harm low- and moderate-communities and communities of color. Rather than postpone rulemaking to focus on the devastating economic crisis caused by the COVID- 19 health pandemic, the OCC issued the rule a mere six weeks after the closing of the comment period on its proposed rule despite broad requests for delay from community groups, civil rights and consumer organizations, and industry. The OCC acknowledged in the preamble to the final rule that most of the comments disagreed with the proposal's approach. Yet, the OCC decided to side with the minority of comments in support of the proposed rule. The OCC's rule will harm the communities most adversely affected by the current crisis, including many families that were hardest hit by the Great Recession and have yet to recover.

The final rule imposes an overly simplistic evaluation measure that fails to ensure that local banking needs are met, and sanctions bank redlining. The rule overvalues the dollar amount of CRA activities in comparison to the quality of such activities and allows banks to earn more credit for easier and larger investments in communities from which they can get the highest return. Indeed, the rule permits banks to ignore 20% of their assessment areas and still pass, resulting in unchecked neighborhood disinvestment and redlining. The rule also disincentives investment in LMI neighborhoods and communities of color. It incentivizes activities and investments that do not ``primarily'' benefit LMI communities, such as large-scale infrastructure projects. Estimating such projects' impact on LMI neighborhoods is difficult and thus will likely divest funds away from smaller scale, yet impactful community development activities. Furthermore, the rule reduces the importance of retail lending and retail services, resulting in less lending and investments in communities that are already credit starved. The rule is opposite to the CRA's statutory mission and will cause deep harm to communities.

We urge support for H.J. Res. 90 to reverse the OCC's regulatory attack on the Community Reinvestment Act. Thank you for your consideration. Sincerely, Center for Responsible Lending.

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Ms. WATERS. Madam Speaker, I would like to close by thanking Representative Meeks for his leadership on this issue. I appreciate the support we have received from our colleagues in this effort.

Make no mistake, unchecked, the OCC's final rule will harm low- income and minority communities that are disproportionately suffering during this COVID-19 crisis, and it will turn the Community Reinvestment Act into the community disinvestment act.

In passing this Congressional Review Act resolution, we are not only nullifying the OCC rule, but we are sending two clear messages: regulators should be focused on protecting the economy from the pandemic and not on removing safeguards, and that after the pandemic, the OCC should go back to the drawing board and work with the Federal Reserve and FDIC to jointly issue a new rule that strengthens the Community Reinvestment Act and helps low-and moderate-income communities, including communities of color.

For over a month now, by the thousands, Americans have been marching in the streets for justice. They are standing up against racism and fighting for justice for all. Just yesterday, this House passed historic legislation to reform our Nation's police forces and the unfair treatment so many people of color have experienced at the hands of those meant to serve and protect.

As we unite to fight against discrimination in our criminal justice system, we must also fight against discrimination, disinvestment, and injustice in our financial system and economic injustice in our communities. The OCC's rule would encourage disinvestment in communities of color and lead to redlining on a massive scale. We must stand up against this blatant effort to economically disenfranchise hundreds of low-income and minority communities nationwide.

So I want to say to my Members on the opposite side of the aisle: I have heard this theme that you support the Community Reinvestment Act but you don't support my bill.

I would say to the Members: You can't have it both ways.

Madam Speaker, I ask for an ``aye'' vote on H.J. Res. 90, and I yield back the balance of my time.

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Ms. WATERS. Madam Speaker, on that I demand the yeas and nays.

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