CRA

Many of Treasury’s recommendations for modernizing the Community Reinvestment Act would help financial institutions, not low-income communities.

The Senate is expected to pass a bill that would ax controversial guidance on loans at car dealerships; lower tax rate may have skewed year-on-year comparisons.

The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.

The Treasury Department’s long-awaited report on modernizing the Community Reinvestment Act was heavy on glittering generalities but light on specifics, which explains why the report punted the real job of making needed reforms.

The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.