The rules to comply with the Community Reinvestment Act have become "formulaic and ossified" and must be changed to encourage lending practices the law originally intended to foster, the Fed's top regulator said.
The Treasury Department’s long-awaited report on modernizing the Community Reinvestment Act was heavy on glittering generalities but light on specifics, which explains why the report punted the real job of making needed reforms.
Research Assistant for the Economic Policy teamCenter for American Progress
The Treasury secretary has suggested raising an asset cutoff used by the Financial Stability Oversight Council to assess systemically significant nonbanks, removing some hedge funds and other risky firms from the council's purview.
The Treasury Department's inspector general is seeking the identity of an Office of Financial Research employee who produced several YouTube videos that raised concerns about discrimination and diversity problems.