Newark-March 31, 2025-In response to the Trump administration’s announcement last week that federal banking regulatory agencies, including the Federal Reserve, Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), intend to withdraw the 2023 Community Reinvestment Act (CRA) final rule published in October 2023, Leila Amirhamzeh, Director of Community Reinvestment for New Jersey Citizen Action (NJCA) released the following statement:
"Once again, the Trump administration has put the interests of big banks over that of consumers. The Community Reinvestment Act is one of our only tools to ensure that banks are lending fairly in all communities where they take deposits and do business. Rescinding the 2023 final CRA rule weakens protections for consumers as well as incentives for banks to lend in low- and moderate-income communities at a time when these communities are struggling with a housing crisis and increasing economic uncertainty.
"As the banking industry continues to change with the rise of online banking, it is essential that fair lending and CRA requirements are updated to keep up with this changing landscape. We call on our members of Congress to stand with consumers, not banks, by voting against any further actions by the Trump administration to overturn critical consumer financial protection rules.”