CRA

Many in Washington have been in suspense about whether the Biden administration would favor a former Obama official or a financial inclusion advocate for comptroller of the currency. Mehrsa Baradaran, the candidate preferred by community activist groups, appears to have the edge.

Some nominees poised to take their agencies in a new direction appear headed for Senate confirmation while an intraparty squabble has delayed the administration’s choice to lead the Office of the Comptroller of the Currency. Here’s the roster update.

The comments by Federal Deposit Insurance Corp. Chair Jelena McWilliams published in Politico reinforce optimism that the banking agencies could settle years of disagreement about modernizing the Community Reinvestment Act.

The Dallas company has given Summer Faussette, an external affairs executive, the additional role of national African American business development manager, with a special focus on networking with nonprofit organizations.

If policymakers are serious about revitalizing low-income communities, they should require all fintechs and other nonchartered lenders to adhere to the Community Reinvestment Act.

For the second time in three years, the Cleveland thrift has received a low score on its Community Reinvestment Act examination for making too few home loans in low-income communities.

During the Trump era, the bank regulators couldn’t see eye to eye on how to modernize the Community Reinvestment Act. But a looming leadership change atop the Office of the Comptroller of the Currency is boosting optimism that they can harmonize their approaches.

Federal Reserve Chair Jerome Powell said bank regulators still aim to write a universal rule updating the Community Reinvestment Act, despite years of disagreement between the agencies on how to proceed.

Lost in the debate about whether to make fintechs comply with the Community Reinvestment Act is that many of them already partner with banks to make loans in low-income neighborhoods.

If policymakers are serious about revitalizing low-income communities, they should require all fintechs and other nonchartered lenders to adhere to the Community Reinvestment Act.

The five-year pledge, tied to the company's pending acquisition of CIT Group, earmarks nearly $6 billion for small-business lending and $3.2 billion for affordable housing.

The Boston-based bank said the Office of the Comptroller of the Currency gave it the highest grade possible on its most recent Community Reinvestment Act examination. Santander had received a “needs to improve” grade in 2017 and a “satisfactory” rating in 2018.

President Biden’s executive order requiring agencies to weigh the impact of pending policies on underserved groups could have a lasting effect on issues from reforming the Community Reinvestment Act to fair lending.

The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.

The department of financial services will grant credit under the state's community reinvestment law to New York-chartered banks and credit unions that finance projects aimed at helping low-income communities better adapt to a warming world.

To avoid taxes on the divestiture of a commercial lending unit, Woodforest National Bank backed an Alabama redevelopment project through a government program that promotes investment in underserved communities.

A federal judge denied the Office of the Comptroller of the Currency's motion to have the case thrown out, saying concerns about the agency's rulemaking process to reform the Community Reinvestment Act have merit.

Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.

President Biden’s executive order requiring agencies to weigh the impact of pending policies on underserved groups could have a lasting effect on issues from reforming the Community Reinvestment Act to fair lending.

President Biden and Democrats in Congress have backed plans to subject a broader array of companies to Community Reinvestment Act requirements. But there’s no guarantee such reforms will happen.