Advocates Sue Over Community Lending Rules Overhaul
By Jon Hill (June 25, 2020, 5:42 PM EDT) -- Community advocates are suing to block the Office of the Comptroller of the Currency's recent overhaul of its regulations requiring banks to lend in lower-income and underserved areas, alleging in a complaint filed Thursday that the new rules are a rush job that lack legal, analytical and public support.
The National Community Reinvestment Coalition and California Reinvestment Coalition's suit, filed in California federal court, argues that the OCC violated federal rulemaking standards with the final changes it announced last month to its rules under the Community Reinvestment Act, a 1977 anti-redlining law that the agency implements jointly with the Federal Reserve...
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