Kevin Allis is CEO of NCAI.
WASHINGTON, D.C.-In late May, the Office of the Comptroller of the Currency (OCC) released the much-anticipated Final Rule modernizing the Community Reinvestment Act (CRA), a regulatory framework that features landmark provisions designed to incentivize increased access to capital and credit for tribal governments, communities, and citizens.
Leading up to the release of the Final Rule, NCAI, the Native American Finance Officers Association (NAFOA), and our partners had closely engaged the OCC and Federal Deposit Insurance Corporation for more than two years about how best to modernize the CRA so that it serves the unique challenges and needs of Indian Country. The CRA Final Rule-which the OCC explains "makes capital more accessible in Indian Country and rural and distressed areas"-addresses several major priorities outlined in NCAI's April 2020 comments on the OCC's Notice of Proposed Rulemaking, notably:
• specific measures aimed at spurring investments in tribal public safety, housing, education, healthcare, and communications infrastructure, as well as other community and economic development projects on tribal lands;
• providing banks with CRA credit for serving tribal communities even when Indian Country falls outside their CRA assessment areas; and
• creating CRA scoring incentives for banks that choose to do business in Indian Country.
"We are both relieved and excited to see that the final rule governing the Community Reinvestment Act retains the landmark provisions for Indian Country that NCAI, NAFOA, and its partners fought so hard to get included," said Kevin J. Allis, Chief Executive Officer of the National Congress of American Indians. "As we turn to implementing this new rule, NCAI plans to work closely with our Indian Country and federal partners to ensure that the CRA fully achieves its intended benefits for tribal nations and communities."
