This week in Washington, D.C., representatives at federal agencies reinforced their support for the new rules that would modernize the Community Reinvestment Act (CRA), a few days after a federal judge in Texas granted a preliminary injunction to banking associations that seek to halt its implementation.
Meanwhile, community-focused trade groups and associations, although feeling that the new rules miss some relevant aspects of fair lending, criticized the judge’s decision. In reaction, they are willing to support regulators via an amicus brief if the federal agencies decide to appeal in the Texas case.
Federal Reserve vice chair for supervision Michael Barr details ⇒
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