June 29, 2020 - Issue: Vol. 166, No. 119 — Daily Edition116th Congress (2019 - 2020) - 2nd Session

[Extensions of Remarks]
[Page E586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONGRESSIONAL DISAPPROVAL OF RULE SUBMITTED BY OFFICE OF 
 THE COMPTROLLER OF THE CURRENCY RELATING TO ``COMMUNITY REINVESTMENT 
                           ACT REGULATIONS''

                                 ______
                                 

                               speech of

                        HON. SHEILA JACKSON LEE

                                of texas

                    in the house of representatives

                         Friday, June 26, 2020

  Ms. JACKSON LEE. Madam Speaker, as a senior member of the Judiciary, 
Homeland Security, and Budget Committees, I rise in strong support of 
H.J. Res. 90, ``a Congressional Review Act Resolution of Disapproval on 
the Office of the Comptroller of Currency's Community Reinvestment Act 
Rule,'' which overturns the recent rule-making the Office of the 
Comptroller of Currency (OCC) issued.
  In 1977, Congress passed the Community Reinvestment Act (CRA), a 
crucial piece of civil rights legislation.
  The CRA sought to prevent discriminatory practices, such as 
redlining, and required banks to invest and lend responsibly to low- 
and moderate-income communities.
  However, we gather here today because the Office of the Comptroller 
of Currency (OCC) recently passed a final rule that effectively 
undermines the CRA and will substantially negatively impact low-income 
communities of color.
  Madam Speaker, not only did the OCC fail to collect sufficient data 
before proceeding with its final rule, but it also put forth this final 
rule without the support of the Federal Deposit Insurance Corporation 
(FDIC) and the Federal Reserve, two of the three CA regulators.
  As a longtime, vocal advocate for marginalized communities, I am here 
to voice my support for H.J. Res. 90 and call attention to the numerous 
ways in which the OCC's final rule will perpetuate discriminatory 
lending practices against low- and moderate-income communities of 
color.
  For example, the allowances and loopholes created by this final rule 
allow for banks to invest in communities where they can reap the 
largest rewards, thereby further harming low-income and minority 
communities by giving banks passing ratings under the CRA even while 
they reduce their lending to low-income borrowers and underserved 
communities.
  In addition, the OCC's final rule also measures how well a bank is 
meeting its obligations under the CRA by incentivizing large deals, as 
opposed to smaller and more continuous financial transactions, which 
have been known to benefit and low- and moderate-income communities.
  It is no secret that discriminatory lending practices have and 
continue to disproportionately affect people of color.
  According to the Associated Press, black loan applicants are turned 
away at significantly higher rates than whites in 48 cities, Latinos in 
25, Asians in 9, and Native Americans in 3.
  We must take the steps necessary to change that reality.
  It is imperative that Congress comes together to vote in favor of 
H.J. Res. 90 and demonstrate that we will not condone policies and 
practices that have the power to discriminate against any one group of 
people.
  We must take it upon ourselves to ensure that everyone has the same 
opportunity to prosper economically.
  And so, I ask all members from both parties to join me in voting to 
pass H.J. Res. 90.

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