NAR sent a letter to the Office of the Comptroller of the Currency (OCC) in response to the agency’s advanced notice of proposed rulemaking (ANPR) that requested input on whether changes and/or updates are needed to the Community Reinvestment Act (CRA).
NAR commented on the need to preserve the original intent of the CRA, that being to expand access to residential mortgage credit for low and moderate-income homebuyers as well as borrowers of color. The OCC should consider allowing CRA-credit for housing counseling that can be tide directly to better homeownership outcomes. Likewise, given the dearth of housing supply for LMI borrowers, a greater emphasis should be placed on expanding the housing stock in that portion of the market along with financing those purchase. Finally, NAR emphasized the need to revisit how CRA assessment areas are defined given that FinTech has/will reduced the number of brick-and-mortar operations.