U.S. Senator Mark Warner statement on the proposed change to Community Reinvestment Act regulations

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, released the following statement after the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency announced a proposed change to regulations surrounding the Community Reinvestment Act:

“I am pleased that federal banking agencies worked together to produce this joint notice of proposed rulemaking to modernize and strengthen their regulations implementing the Community Reinvestment Act. The CRA is one of the best tools we have to drive investments in underserved and underbanked communities, but it needs to be updated to reflect the fundamental changes we have seen in the banking sector since 1995, the last time there were significant revisions to the rules. As a former entrepreneur, I understand how important access to capital is to start a business and build wealth. Ensuring broader access to affordable credit, whether it’s to buy a house, start a business, or pay for emergency expenses, is vital to address inequalities and close the racial wealth gap. I look forward to reviewing the proposed rule in coordination with all stakeholders to ensure we end up with a strengthened, 21st-century CRA that can continue to drive meaningful change in low- and moderate-income communities.”