A day after House Democrats urged the banking agencies to unite behind a joint plan to update the Community Reinvestment Act, Senate Democrats worried that an impending proposal from the OCC and FDIC will reduce access to credit.
Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust.
Lawmakers blasted an apparent decision by the OCC and FDIC to move forward with a proposal to reform the Community Reinvestment Act without the support of the Fed.
Alternative data "may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers," the agencies said.
Her comments signaled cooperation between the two agencies on a coming proposal to revamp the Community Reinvestment Act, but she raised questions about CRA assessment areas and developing a single compliance metric.
The agency said it plans to make its cost-benefit process “more structured” and incorporate “a number of analytical practices identified in standard references.”
The Financial Crimes Enforcement Network and other regulatory agencies confirmed that the recent legalization of the substance eases banks' anti-money-laundering requirements.
