WASHINGTON, D.C. – Today, at a hearing entitled “The Community Reinvestment Act: Is the OCC Undermining the Law’s Purpose and Intent?” in the House Financial Services Committee, Congressman Blaine Luetkemeyer (MO-03) addressed much needed updates to the Community Reinvestment Act (CRA).

“Today we’re here to discuss the Community Reinvestment Act and I stress the word ‘community,’ because not only do we look at investing in homes and that sort of thing, we also look at investing in communities. 

“I think this is where we need to look at the changes that are being made here and how important they are to the financial services industry from the standpoint that getting credit – helping churches, and hospitals, and schools, and small businesses that provide jobs to these communities is vitally important to be able to have a community that has the services where people want to live and jobs where they want to live. 

“So, I thank the comptroller for his hard work and the FDIC for working with him to modernize and clarify the CRA. Also, in the past this law has been used to beat banks over the head and used inappropriately and I think he addresses some of these things. The proposal is not perfect, and I think anybody who wants to make some suggestions should quit throwing rocks and start doing things in a productive way by suggesting solutions.”