On April 19, 2022, Acting Comptroller of the Currency Michael J. Hsu spoke at the Black Homeownership Collaborative’s Fair Housing Month Virtual Forum where he discussed expanding access to homeownership for minorities.
In his remarks, Hsu talked about initiatives to address the challenges being faced by minorities in terms of access to homeownership. First is the PAVE Plan to reduce appraisal bias where a task force is charged to develop a plan that advances property appraisal and valuation equity to help close the racial wealth gap by addressing mis-valuations for families and communities of color. Secondly, OCC launched the Project REACh, which stands for Roundtable for Economic Access and Change, that aims to promote greater access to capital and credit for minority and underserved populations. Lastly, the federal banking agencies are modernizing and strengthening the CRA regulations to expand financial access and inclusion to low- and moderate-income communities.
A copy of Hsu’s remarks can be found here.