The Office of the Comptroller of Currency announced today that it is moving to gut the controversial Community Reinvestment Act (CRA) rule issued in 2020.
Instead, the agency is proposing to replace the federal anti-redlining rule with rules adopted jointly by the OCC, Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System in 1995. The agency is soliciting public commentary, due by Oct. 29.
The CRA rule, enacted in 1977, mandates that banks help meet the credit needs of communities in which they do business, specifically in low- and moderate-income neighborhoods.
According to the OCC, the current details ⇒
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