Banking Dive, May 5, 2022, Fed, OCC, FDIC issue revamped CRA proposal
The Federal Reserve, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corp. (FDIC) proposed a raft of updates Thursday to the Community Reinvestment Act (CRA), the 1977 law requiring banks to detail how they lend in low-income areas.
The proposal wouldn’t apply to the nonbanks that originate roughly three-quarters of government-backed home loans, Jesse Van Tol, CEO of the National Community Reinvestment Coalition, noted, according to The Wall Street Journal.
