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National Housing Conference calls the Community Reinvestment Act proposal a ‘missed opportunity’ to modernize a vital regulation

“There is no question that CRA needs to be modernized, but the proposed approach is the wrong way to do it. After more than a year of consideration and 1,500 comment letters, the OCC and FDIC have come up with a formula-driven approach that almost nobody in the housing community supports and is rife with millions of dollars in hidden costs and enormous unintended consequences. This is a missed opportunity,” said Dworkin.

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