Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Senator Raphael Warnock led a letter to the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation urging them to withdraw their proposal to rescind the 2023 Community Reinvestment Act (CRA) final rule and to defend the rule in court. The letter argues that rescinding the 2023 rule and reverting to the 1995 framework would undermine efforts to expand investment in low- and moderate-income communities and address the effects of redlining. The senators described the CRA as a key tool to counter discriminatory banking and lending practices and said the 2023 final rule updated outdated regulations to ensure banks meet community needs where they do business. The letter asserts the 2023 rule was clearly lawful and within the agencies’ statutory authority, citing the regulators’ prior bipartisan conclusion when finalizing the rule; additional signers included Senators Chris Van Hollen, Tina Smith, Cory Booker, Ron Wyden, and Tammy Baldwin. The senators requested a staff briefing by September 29, 2025 on the agencies’ efforts to withdraw the rescission and defend the 2023 final rule in court.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-09-16
U.S. Senate Committee on Banking, Housing and Urban Affairs Democrats urge bank regulators to withdraw proposed rescission of the 2023 Community Reinvestment Act rule
Senators Elizabeth Warren and Raphael Warnock urged the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to withdraw their proposal to rescind the 2023 Community Reinvestment Act (CRA) final rule. They argue reverting to the 1995 framework would hinder investment in low- and moderate-income communities and counteract efforts to address redlining. Supported by additional senators, the letter asserts the 2023 rule is lawful and within statutory authority.