Small Business Majority submits comments on proposed rule to rescind efforts to modernize the Community Reinvestment Act

On August 18, Small Business Majority submitted comments opposing a proposed rule from the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC) to rescind the 2023 Community Reinvestment Act (CRA) final rule. The 2023 rule represented decades of thoughtful feedback and progress on federal banking regulations, and rescinding it will roll back critical efforts to ensure financial institutions meet the evolving needs of rural and under-resourced small businesses.