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The Office of the Comptroller of the Currency made good on a promise to rescind Community Reinvestment Act reforms finalized by ex-Comptroller Joseph Otting as part of talks with other regulators on an interagency overhaul of the law.
September 8 -
The Office of the Comptroller of the Currency’s pledge to rescind Trump-era Community Reinvestment Act reforms and work with other regulators suggests that an interagency agreement is within reach. But outstanding issues remain, particularly around the treatment of online banking activities.
July 30 -
Community development financial institutions could do more lending in low-income neighborhoods if policymakers relaxed accounting rules, increased government support and encouraged more investment from hedge funds and other nonbank lenders.
July 30 -
While federal regulators attempt to overhaul the Community Reinvestment Act for banks, Congress has shown little interest in applying it to other lenders. But recent moves in Illinois and New York have given some stakeholders hope that state lawmakers will pick up the slack.
July 26 -
The Office of the Comptroller of the Currency confirmed it will rescind an unpopular rule overhauling the Community Reinvestment Act and joined other agencies in calling for a renewed interagency effort.
July 20 -
The appointments of former senior leaders from a rival regulator could force the Office of the Comptroller of the Currency to embrace interagency cooperation after taking a go-it-alone approach during the Trump administration, some observers say. Others worry about another extreme: the Federal Reserve having outsize influence over financial policy.
June 11 -
Acting Comptroller of the Currency Michael Hsu faces a host of “pressing issues” from fintech charter decisions to reforming the Community Reinvestment Act. But in contrast to predecessors, he suggests some decisions should be left to a Senate-confirmed head of the agency.
June 2 -
The top Republican on the Senate Banking Committee, Pat Toomey of Pennsylvania, says the Federal Reserve's heightened attention to racial and income inequality amounts to "political advocacy." But Al Piña, the CEO of the Florida Minority Community Reinvestment Coalition, argues that promoting equality is part of the Fed's mission.
May 28Florida Minority Community Reinvestment Coalition -
The Massachusetts bank, which traditionally In contrast to its typical strategy of supporting low-income housing, the invested $500,000 in CEI Ventures’ Coastal Ventures V fund to support small businesses in disadvantaged communities.
May 20 -
The agency said it will reconsider the controversial regulation to reform the Community Reinvestment Act, and allow banks to halt efforts to comply with key provisions of the framework.
May 18