On October 29, 2021, Next Century Cities joined comments led by the National Digital Inclusion Alliance (NDIA) regarding the Office of the Comptroller of the Currency’s (OCC) proposal to rescind its Community Reinvestment Act (CRA) rule issued in June 2020. In essence, the letter urges the OCC to recommit to its position that “loans, investments or services that support digital access for low- and moderate-income individuals or communities” should be treated as qualifying community development activities for the duration of the COVID-19 pandemic.
Until 2020, OCC did not explicitly recognize digital inclusion projects and programs serving low- and moderate-income communities as eligible for CRA funding. OCC’s plan to rescind the qualifying activities criteria in the June 2020 Rule and replace it with the 1995 Rules could have an inadvertent effect of stalling community efforts to expand broadband access and promote equitable internet use, both of which have a direct impact on access to and use of mainstream online banking tools.
Read the comments here.