Attorney General Frosh Joins Coalition Defending Underprivileged Populations from Banking Discrimination

14 States Submit Comment Letter Urging Trump Administration to Maintain Strong Oversight of Banks Under the Community Reinvestment Act

BALTIMORE, MD – Maryland Attorney General Brian E. Frosh has joined a coalition of 14 attorneys general in filing a comment letter urging the Office of the Comptroller of the Currency (OCC) to maintain rules requiring banks to take steps to serve low- and moderate-income communities and protect against lending discrimination. The comment letter is in response to the OCC’s efforts to weaken oversight of bank compliance with the Community Reinvestment Act (CRA). The CRA encourages banks to help meet credit needs of all populations within their communities. The law was enacted in 1977 in response to banks’ persistent and systematic denial of access to credit for historically disadvantaged communities, often communities of color. The OCC’s proposal would undermine the purpose of the CRA and result in diminished access to banking services, loans, and investment options for disadvantaged populations.

“Access to lending and other banking services is critical to community development throughout Maryland,” said Attorney General Frosh. “The OCC’s proposal will weaken the federal law put in place to serve the underserved—a move that could harm revitalization, community improvement, and quality of life for many Maryland residents.”

Read more in the full press release:http://www.marylandattorneygeneral.gov/press/2018/112018a.pdf