CRA

Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.

The ICBA chief’s plea for a six-month halt to regulations not related to the pandemic followed similar calls by community groups and a key Senate Democrat.

The agencies said banks could receive Community Reinvestment Act credit for activities addressing the virus fallout, and clarified earlier guidance encouraging banks to dip into their capital buffers.

Groups often will oppose mergers on Community Reinvestment Act grounds. But the proposal would tighten standards for when the agency includes “adverse comments” in the process.

Utah bank is expected to launch next year; banks want to hold off regulations that would hamper efforts to keep money flowing during virus crisis.

The OCC and FDIC’s proposal for modernizing the community reinvestment law would give banks below $500 million of assets the option to keep the current regime. But bankers and industry representatives say that threshold should be higher.

The banking regulators have announced that they are postponing next week’s National Interagency Community Reinvestment Conference because of growing health concerns about the virus outbreak.

While the Democratic debates have had little discussion about financial policy, the remaining presidential contenders have taken noteworthy positions on regulatory relief, CDFI funding and postal banking, among other issues. Here’s a rundown.

Comptroller of the Currency Joseph Otting suggested the central bank was adopting a “partisan” stance against his plan to overhaul the Community Reinvestment Act.

While the Democratic debates have had little discussion about financial policy, the remaining presidential contenders have taken noteworthy positions on regulatory relief, antitrust rules and bankruptcy reform, among other issues. Here’s a rundown.