fbpx

Banking Dive: Fed, OCC, FDIC issue revamped CRA proposal

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.

Print Friendly, PDF & Email
Scroll to Top