September 21, 2020

Statement by Superintendent of Financial Services Linda A. Lacewell on Federal Reserve Board of Governors' Proposal for the Community Reinvestment Act (CRA):

“The Federal Reserve Board’s proposal is a positive step towards modernizing the CRA. The proposal preserves the CRA’s core purpose of financial inclusion by taking meaningful steps to ensure that banks prioritize serving the low-income and minority communities in which they operate. The proposal also provides increased transparency and accounts for the ways in which technology has impacted consumers’ access to banking products and services. New York is encouraged by this proposal which stands in stark contrast to the OCC’s misguided approach.”

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