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...

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