The Community Reinvestment Act (CRA) motivates a substantial portion of bank investments into CDFIs, and as budgets for community development programs shrink, its importance continues to grow. The Office of the Comptroller of the Currency recently released an advance notice of proposed rulemaking seeking comment on reforms to CRA, highlighting the likelihood that changes are on the horizon. We spoke with Jesse Van Tol of the National Community Reinvestment Coalition (NCRC) to learn more about potential changes and what we should do about them.
Jesse Van Tol is NCRC’s Chief Executive Officer. Jesse has been with NCRC since 2006 and has held a variety of leadership positions, most recently as Chief Operating Officer. His leadership experience at NCRC also includes senior positions in the organizing and membership, communications, policy and research departments. He was the lead negotiator in the organization’s successful community reinvestment campaigns, resulting in more than $85 billion in investments in low- and moderate-income communities. He has also been integral to NCRC’s ongoing efforts for housing finance reform. Jesse received his B.A. in History and International Studies from the University of Wisconsin-Madison.
Resources Related to This Episode:
NCRC’s Treasure CRA Campaign: ncrc.org/treasurecra
OCC’s Advance Notice of Proposed Rulemaking: occ.gov/news-issuances/news-releases/2018/nr-occ-2018-87a.pdf
Jesse Van Tol’s Editorial on CRA Reform: www.nytimes.com/2018/08/28/opinion/trump-mortgage-redlining-cra.html
The Comptroller of the Currency’s Editorial on CRA Reform: www.americanbanker.com/opinion/we-have-a-once-in-a-generation-chance-to-revamp-cra-lets-use-it
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