News Release 2019-105 | September 10, 2019
Comptroller of the Currency Discusses Community Reinvestment Act, Honored for his Philanthropy
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.