Farella Represents Community Groups in Successful Challenge of Disastrous Trump-Era CRA Rule Changes
The Office of the Comptroller of the Currency (OCC) released its final rule on December 14 completely rescinding the agency's harmful 2020 Community Reinvestment Act (CRA) rule that unlawful gutted anti-redlining rules. The OCC will revert to prior regulations while it continues an interagency process to draft new CRA rules with the Federal Reserve Board and FDIC.
Farella Braun + Martel and Democracy Forward represented the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC) in the lawsuit filed on June 25, 2020 against the OCC for unlawfully eviscerating the vital anti-redlining rules put in place under the CRA. The CRA was enacted to address redlining and secure access for communities of color and low- and moderate-income communities to financial services that have long enabled affluent, white communities to build wealth.
Read a statement by the National Community Reinvestment Coalition commending the repeal of the CRA rule changes and announcing the dismissal of the lawsuit here.
Read the OCC final rule here.
Farella partners Sarah Good and Tony Schoenberg worked on the pro bono matter.
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