Joseph Otting

Native American leaders are cheering the proposal, which would give banks Community Reinvestment Act credit for making loans on reservations, even if the lands sit far outside their assessment areas.

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.

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.

In October, U.S. District Judge Victor Marrero ruled against the OCC in a case brought by the New York State Department of Financial Services.

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.

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.

Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.

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 agency’s semiannual report warned institutions to be mindful of operational risks from the innovation in core banking systems, and detailed supervisory steps to monitor the adoption of a new reference rate.

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.

The meeting scheduled for Dec. 12 will also include discussion of a proposal on the agency's definition of brokered deposits.

Alternative data "may improve the speed and accuracy of credit decisions and may help firms evaluate the creditworthiness of consumers," the agencies said.

Her comments signaled cooperation between the two agencies on a coming proposal to revamp the Community Reinvestment Act, but she raised questions about CRA assessment areas and developing a single compliance metric.

A 10% cut next year, which will be identical to the fee reduction this year, is projected to save the industry about $85 million.

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

The Comptroller of the Currency said the Federal Reserve had disagreements with the metrics of a pending proposal to revamp the Community Reinvestment Act.

The 2015 decision posed new legal challenges for institutions trying to sell loans to third parties, but the federal regulatory agency proposed steps Monday for banks and debt parties to evade state interest rate caps.

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

After others have hinted the three bank regulators may part ways on a Community Reinvestment Act proposal, Federal Reserve Chairman Jerome Powell told lawmakers a “common answer” is the ideal outcome.