House OKs Bid To Block New Community Lending Rules

Law360 (June 29, 2020, 11:01 PM EDT) -- The U.S. House of Representatives on Monday approved a measure that would reverse the Trump administration's controversial overhaul of rules requiring banks to lend in lower-income communities, though the Republican-controlled Senate will still have a chance to block the repeal effort.

The Democratic-sponsored measure, passed by a 230-179 vote strictly along party lines, would make use of Congress' regulatory lookback authority to nullify the Office of the Comptroller of the Currency's new rules under the Community Reinvestment Act, a 1977 anti-redlining law that shapes the flow of billions of dollars in bank financing every year.

Finalized last month, the new rules...

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