Comment letter to the OCC, FDIC, and Fed about the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) with our multistate partners New Economy Project, California Reinvestment Coalition and Reinvestment.

This letter submitted with our partners comments on the needs to update regulations that significantly affect whether banks respond to the financial needs of low income communities and communities of color. We understand the EGRPRA process creates the opportunity to identify regulations that need to be updated and modernized in order to best meet their original purpose and intent. However, we are concerned that the agencies will lean toward eliminating regulations considered outdated, unnecessary or unduly burdensome, rather than updating them to reflect current needs and realities. The CRA needs updating to reflect modern banking needs and practices.