December 12, 2019

New York State Department of Financial Services Superintendent Linda A. Lacewell’s Statement on Community Reinvestment Act (CRA) Vote

“For more than 40 years, the Community Reinvestment Act (CRA) has been in place to ensure that communities long excluded from the financial system are afforded fair and equal treatment in access to banking services. The CRA has empowered regulators to guard against unfair practices that too often discriminate against consumers based on race and geography and is a vital tool to maintain investment in underserved communities. Any material weakening of the protections of the CRA would likely only entrench discrimination and harm in those communities that can least afford it. While we recognize the importance of consistent state and federal banking regulation, the New York State Department of Financial Services is committed to vigorously executing our independent authority under the New York CRA and we urge other federal financial regulators to remain strong in protecting the provisions of the federal CRA for the good of all.”