Politico, September 23, 2020: Fed aims to lay groundwork for interagency CRA overhaul
The Federal Reserve will take a different approach to reworking the Community Reinvestment Act (CRA) than the Office of the Comptroller of the Currency (OCC) did in early May.
The Federal Reserve board voted unanimously Monday to request input on a framework to overhaul the Community Reinvestment Act with the goal of building the foundation for a multi-agency approach to the anti-redlining law.
The Fed’s advance notice of proposed rulemaking, intended as a prologue to a formal proposal, comes on the heels of a CRA regulation finalized by the Office of the Comptroller of the Currency in May, which garnered opposition from community groups and Democrats, as well as skepticism from banks.
