On June 29, the House of Representatives passed H.JRes.90, a Congressional Review Act resolution to reverse the Office of the Comptroller of the Currency’s (OCC) final rule on the Community Reinvestment Act. (The Congressional Review Act authorizes Congress to roll back federal regulations that have been newly issued.) The resolution was introduced by House Financial Services Chairwoman Maxine Waters (D-CA) and Representative Gregory Meeks (D-NY) and passed along party lines; it now moves to the Senate. Members of Congress and a number of other housing and community development advocates, including Enterprise Community Partners, have expressed ongoing concern throughout the CRA modernization process, and on April 8 Enterprise submitted comments to the OCC and the Federal Deposit Insurance Corporation’s (FDIC) on their joint notice of proposed rulemaking. Despite widespread concerns, the OCC ultimately published its final CRA rule on May 20 without the support of the FDIC. The FDIC has yet to indicate its next steps, and the third banking regulator charged with carrying out the CRA, the Federal Reserve Board, has expressed plans to release its own CRA rule.

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