CRA

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.

The administration faces a slew of immediate financial policy tasks, such as passing a new round of small-business aid, charting a course for Fannie Mae and Freddie Mac and filling vacant agency leadership posts.

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.

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

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.

Speaking at a virtual event hosted by the Center for American Progress, Federal Reserve Gov. Lael Brainard said the agency is also seeking feedback on how the Community Reinvestment Act could be used to encourage lenders to invest in climate resiliency.

It includes simpler Paycheck Protection Program forgiveness and a consistent approach from federal regulators to reforming the Community Reinvestment Act, says Bank of America's Christine Channels, who chairs the Consumer Bankers Association's board.

People with scores below 500 are often in communities that suffer the most from economic hardship and violence. Banks and regulators can do more to qualify them for financing, ultimately creating healthier local economies.