Proposals to modernize the Community Reinvestment Act should be geared toward making concrete improvements, not upending parts of the law that are already working.
Concerns about job losses and political blowback still loom, but the two banks made it through a second day of public hearings hosted by the Fed relatively unscathed and with significant local support.
The two banks’ CEOs used a public hearing to argue their merger will be a boon for underserved markets. But other speakers warned that bank consolidation hurts communities.
Readers respond to this week's big-bank CEO hearing before the House, weigh the debate over Community Reinvestment Act reform, consider whether Wells Fargo needs a new brand and more.
In a roundtable discussion, the heads of four banks called on Congress to move on CRA modernization and address the cannabis conundrum, while dismissing arguments that midsize banks need to merge to stay competitive.
A senior official recently criticized how some groups responded to the OCC’s initial steps to reform the Community Reinvestment Act. It’s a worrying sign that the agency will ignore concerns raised by advocates.
