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.
The long-awaited proposal by the OCC and FDIC to modernize the Community Reinvestment Act would seek to make grading simpler and more transparent while allowing banks to spread loans and investments across a broader geographic area.
In a rare move, the House Financial Services Committee chairwoman will lead a congressional delegation to a public FDIC board meeting as it considers releasing a proposal to rework the Community Reinvestment Act.
The Fed chairman said he has not given up on the central bank agreeing with other regulatory agencies on a plan to modernize the Community Reinvestment Act, but admitted, "I don’t know whether that will be possible or not.”
Chairman Jelena McWilliams previewed a proposal to update the agency’s definition of brokered funds, but also suggested steps lawmakers could take to improve the rule’s underlying statute.
The banking industry could finally have answers soon on the degree of agreement between regulators reforming the Community Reinvestment Act, how they envision CRA zones of the future and other key matters.
Sen. Elizabeth Warren introduced a bill to require CFPB approval for certain bank merger applications in the wake of regulators' approval of a deal between BB&T and SunTrust.
