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.
The three federal agencies announced slight adjustments in the cutoffs for "small" and "intermediate small" institutions for the purposes of Community Reinvestment Act exams.
With fintech firms appearing stuck in neutral in their efforts to seek bank charters from federal regulatory agencies, observers say state licensing options could be in vogue again in 2020.
The central bank’s refusal to join the OCC and FDIC in revamping the Community Reinvestment Act sends an unmistakable message that their proposal is deeply flawed.
Impeachment continues to dominate Congress, but legislation the industry seeks is still pending and the bank regulators have a full agenda. Here are the figures who will drive the policy debate.
A provision of the Community Reinvestment Act overhaul package would rightfully hold lenders more accountable for reinvesting in cities where they are feeding off deposits.
The proposed changes laid out by banking regulators would clear up confusion about what qualifies for CRA credit within so-called Opportunity Zones. But not all community development advocates are convinced that the changes are for the better.
The OCC and FDIC have moved in the right direction by proposing reforms to the Community Reinvestment Act. Now it’s time for the Federal Reserve to join.
While the banking industry has applauded regulators’ effort, community groups say the proposal needs to be reworked or it will hurt those the law was meant to help.
