Banking Dive, July 20, 2021, OCC to rescind Trump-era revamp to anti-redlining rule
The Office of the Comptroller of the Currency (OCC) said Tuesday it will rescind its Trump-era revamp of the Community Reinvestment Act (CRA) and committed to joining the Federal Reserve and Federal Deposit Insurance Corp. (FDIC) in issuing interagency rulemaking aimed at modernizing the 1977 anti-redlining rule.
“This is an awkward, disjointed and rushed move by a single agency that couldn’t get agreement from the two other agencies that regulate banks within the same administration,” Jesse Van Tol, CEO of the National Community Reinvestment Coalition, said in a statement last year.
