American Banker, February 24, 2021, Fed’s Powell sees opportunity for joint CRA overhaul
Federal Reserve Chair Jerome Powell said bank regulators are still aiming to write a joint rule reforming the Community Reinvestment Act, despite years of disagreements between the agencies on how to proceed.
The Office of the Comptroller of the Currency finalized a rule on its own in May that includes a new CRA scoring method and other reforms, but the Fed and other agencies declined to support the plan. However, a leadership change has buoyed hopes of an interagency framework.
