Bank Regulators Plan CRA Overhaul As OCC Backtracks
By Jon Hill (July 20, 2021, 6:05 PM EDT) -- Federal banking regulators said Tuesday that they plan to work together to update their Community Reinvestment Act rules on bank lending in lower-income and underserved areas, with the Office of the Comptroller of the Currency signaling a retreat from its own Trump-era overhaul.
In a statement, the OCC's Biden-appointed acting comptroller, Michael Hsu, said that his agency would propose rescinding the final CRA rulemaking it adopted last year under former Comptroller Joseph Otting, a Trump appointee.
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!