Trade Groups Welcome Federal Regulators' Decision to Rescind 2023 CRA Final Rule

WASHINGTON —

The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce issued the following statement after federal banking agencies announced their intent to rescind the 2023 Community Reinvestment Act Final Rule:

"We welcome today's announcement from the federal banking agencies that they intend to rescind the 2023 Community Reinvestment Act Final Rule. As we have shown in our ongoing legal challenge, the 2023 effort to modernize the rules around CRA exceeded the agencies' statutory authority and would have created disincentives for banks to invest in their communities. Given the strength of our case and the court's rulings to date, rescinding the rule is the right decision. 

"The co-plaintiffs look forward to learning more about the agencies' plan to rescind the rule. In the meantime, the nation's banks remain committed to complying with the Community Reinvestment Act and achieving our shared goal of supporting local communities and expanding economic opportunities for all Americans."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.1 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.2 trillion in deposits and extend $12.7 trillion in loans.

About the U.S. Chamber of Commerce

The U.S. Chamber of Commerce is the world's largest business organization representing companies of all sizes across every sector of the economy. Our members range from the small businesses and local chambers of commerce that line the Main Streets of America to leading industry associations and large corporations. They all share one thing: They count on the U.S. Chamber to be their voice in Washington, across the country, and around the world. For more than 100 years, we have advocated for pro-business policies that help businesses create jobs and grow our economy.

About the Independent Community Bankers of America

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation. As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

About the Independent Bankers Association of Texas

Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation with membership comprised of almost 5,000 banks and branches in more than 700 Texas communities. Providing safe and responsible financial services to all Texans, IBAT member bank assets range in size from $28 million to $51 billion with combined assets statewide of $296 billion. IBAT member banks are committed to supporting and investing in their local communities.

About the Texas Bankers Association

Founded in 1885, the Texas Bankers Association is the largest state-based banking association in the US. TBA advocates for 400 of its member banks in Austin and Washington; trains more than 10,000 bankers annually; provides nationally recognized community bank services; and invests in Texas communities through financial literacy, scholarships, and charitable activities.