House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber.
The regulator announced in June it would use call report data from before the crisis to calculate bank assessment fees in September, a one-time change.
Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.
The lawmakers are attempting to block the regulation reforming the anti-redlining rule under review powers granted to Congress, but the move is largely symbolic with the Senate and White House controlled by the GOP.
Former Comptroller of the Currency Joseph Otting landed a post with Black Knight, which provides technology solutions to mortgage and real estate companies.
The bill, which now goes to the Senate, would give small businesses greater flexibility in how they use the funds; not everyone's on board with Otting's signature achievement.
The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories.
If the agency hadn’t revised the 1977 law now, nothing would be done for communities in need that are struggling even more in the coronavirus pandemic, writes Faith Bautista, CEO of the National Diversity Coalition.
The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.
The National Community Reinvestment Coalition, California Reinvestment Coalition and Democracy Forward accuse the agency of “unlawfully gutting” the historic anti-redlining law.
