American Banker, March 31, 2020: Calls to Cease Non-Coronavirus Rulemaking Grow Louder
Community bankers are calling for a six-month halt in rulemaking except for regulations dealing with the coronavirus outbreak.
In a March 30 letter, Independent Community Bankers of America CEO Rebeca Romero Rainey urged the heads of several financial regulators to suspend non-COVID-19-related rules to allow banks to focus on the fallout from the pandemic.
The trade group joined community groups and lawmakers who have made similar requests.
Last week, the National Community Reinvestment Coalition and National Alliance of Community Economic Development Associations separately called on the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency to suspend their rulemaking process for proposed reforms to the Community Reinvestment Act. Public comments for that proposal are due April 8.
“This grave pandemic demands a comprehensive and all-encompassing response. The health and wellbeing of our fellow citizens and residents are at stake,” the NCRC wrote. “The undersigned organizations must immediately drop all policy-related matters and help their clients and communities with basic survival.”
But so far, the agencies have made no indication they will allow for a broad suspension of rulemaking, including on CRA reform.
“The OCC is operating and conducting normal business including rulemakings,” an agency spokesperson wrote in an email.
