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.
As the regulatory agencies have struggled to reach a consensus, a proposal championed by Office of the Comptroller of the Currency has divided lawmakers and been assailed by community groups.
Lawmakers advanced legislation that would require banking regulators to give annual testimony to lawmakers and would mandate regular reports on cybersecurity efforts.
Native American leaders are cheering the proposal, which would give banks Community Reinvestment Act credit for making loans made on reservations, even if the lands sit far outside their assessment areas.
The prospects of a potential Democratic sweep of the 2020 elections could spur regulators to quickly finalize changes to the Community Reinvestment Act.
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.
Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month.
After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.
