Comptroller of the Currency Discusses Community Reinvestment Act, Honored for his Philanthropy

News Release 2019-105 | September 10, 2019

SANTA ANA, Calif.—Comptroller of the Currency Joseph Otting today discussed community reinvestment and economic opportunity during remarks at the 2019 Illumination Reception hosted by the Oasis Center International, in Santa Ana, Calif.

During his comments, Comptroller Otting highlighted how the Community Reinvestment Act (CRA) encouraged investment and funding that help make the work of the Oasis Center International and many other community services possible.

“The CRA has been a vital tool to increase the flow of capital into underserved communities that are often communities of color,” the Comptroller said. “It has resulted in trillions of dollars invested in our neighborhoods since 1977. After talking with thousands of community advocates, development professionals, policy makers, and bankers, I am convinced there are billions more that could reach low- and moderate-income communities by modernizing CRA to clarify what counts, update where CRA activity counts, evaluate CRA performance more objectively, and make reporting more timely and transparent.”

During the event, the Comptroller was honored with the 2019 OASIS Community Award presented by center Founder and Executive Director Jin Sung. The award recognizes Mr. Otting’s philanthropy and career-long partnership with community groups to discover and encourage creative ways to positively affect underserved communities.

“I congratulate the OASIS Center for its contributions to the communities of southern California and its commitment to bringing the arts back into the lives of our youth, with an emphasis on under-resourced youth in low-to-moderate income communities. I am humbled to be recognized for my long-term commitment to this community and efforts to promote services and investment in underserved communities more broadly,” Mr. Otting said.

Media Contact

Bryan Hubbard
(202) 649-6870

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

2 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago