Precursors so you're able to CRA at the state top seemed to be that have the need impact off reducing inequities in the financial lending and service

Robert Grow, the Acting Comptroller of one's Money, testified one CRA might be largely duplicative off present lender merger laws and you may regulations. The newest OCC currently called for banking institutions to explain how they would function to help you borrowing from the bank and you can put needs. He asserted that [The OCC] [does] not accept your denial the borrowing need regarding an effective locality as well as the applicant's capability to suffice this type of needs had been nearly neglected because of the regulatory enterprises. Not only is it duplicative, a great CRA law would-be also restrictive and you will would not ensure it is the fresh regulating organizations to work out discretion inside the contrasting lender apps.