The OCC and FDIC’s proposal for modernizing the community reinvestment law would give banks below $500 million of assets the option to keep the current regime. But bankers and industry representatives say that threshold should be higher.
Noah Wilcox, a third-generation banker, says community banks are best-positioned to provide stability and capital in underserved markets during uncertain times.
Two major banking organizations objected to a proposal by the agency that would expand the pool of investors in subordinated debt issued by credit unions. They fear it could provide credit unions more financing to buy banks.
New legislation in Congress seeks to do away with a data-collection mandate that addressed discrimination in business lending. The repeal measure has the support of two bank industry groups based in Washington.
The community bank lobby has said the recent deals are another reason to rein in the credit union sector. Some House members are beginning to take notice.
An appeals court on Thursday denied bank groups an en banc hearing from all 11 appellate judges, but bankers said Friday that they're considering turning to the Supreme Court.
More than 50 banks and banking groups responded to the National Credit Union Administration's call for public comment as it attempts to explain why a new field of membership provision won't permit redlining.
