Most stakeholders agree that the Community Reinvestment Act needs to be updated, but a congressional hearing featuring the regulator leading the overhaul effort showed just how contentious the process has become.
The six bills championed by Democrats aim to reduce consumer burdens and provide opportunities for borrowers to rehabilitate their credit, but the legislation garnered no Republican support.
Comptroller of the Currency Joseph Otting upset some House Democrats when he was a no-show at a previous oversight hearing. They will now get a chance to question him about the future of the Community Reinvestment Act.
Democratic lawmakers, state attorneys general and others filed briefs with the Supreme Court rebutting claims that the agency’s leadership structure is unconstitutional.
The House Financial Services Committee chair asked two regulatory agencies about what steps they've taken to prevent fabricated comment letters as they invite the public to weigh in on Community Reinvestment Act changes.
House Financial Services Committee Chairwoman Maxine Waters announced she will hold two hearings in January to examine a proposal to overhaul the Community Reinvestment Act.
The window to change beneficial-ownership rules or pass other measures will be narrow, but some legislative efforts from 2019 will carry over and House Democrats will resume inquiries of certain industry CEOs and Trump-appointed regulators.
The lawmakers sent a letter to the comptroller of the currency requesting his appearance before the Senate Banking Committee after he was unable to attend a hearing last week.