Letter to the Hon. Joseph Otting, Comptroller of the Currency - Cortez Masto Joins Call for Comptroller Otting to Testify About Proposed Changes to Community Reinvestment Act, Impact on Civil Rights

Letter

Dear Comptroller Otting:

We are writing to request that you testify at a hearing of the Senate Committee on Banking, Housing, and Urban Affairs before February 14, 2020.

The Committee held a hearing titled "Oversight of Financial Regulators" on December 5, 2019. Representatives from the three other federal regulators of depository institutions -- the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Administration -- provided testimony to the Committee on prudential regulation of banks and credit unions. We were disappointed that you were unable to attend and provide testimony with your fellow regulators during this hearing.

The Office of the Comptroller of the Currency (OCC) supervises more than 1,200 banks with more than $12.8 trillion in assets, or more than two-thirds of U.S. commercial banking assets. The OCC is also undertaking critical rulemakings that have the potential to transform our financial system. This includes your recent proposal to overhaul the Community Reinvestment Act (CRA). Revisions to the regulation for this foundational Civil Rights law will have a significant impact on low-income communities, communities of color, rural areas, affordable housing development, community development, and other underserved communities and activities across the banking system.

We respectfully request your timely appearance before the Committee to discuss this important proposal and its impact in detail. Your appearance will also provide members of the Committee an opportunity to discuss prudential matters, which we previously addressed with your colleagues during the December 5, 2019, hearing. We look forward to your prompt response.