How OCC’s Fintech Plan Can Make CRA Relevant Again
How OCC’s fintech plan can make CRA relevant again
The Community Reinvestment Act is experiencing a midlife crisis. The CRA — which Congress passed 40 years ago to encourage financial institutions to meet the needs of their physical communities — is at a crossroads between its core purposes of financial inclusion and an ever-changing financial industry.
The CRA’s spirit is in dire need of reinvigoration in the digital age. A solution is potentially on its way via the Office of the Comptroller of the Currency.
In December, the OCC released its anticipated whitepaper that proposed applying CRA-like principles to its pending fintech charter. The idea is to incentivize chartered fintech companies …