DSNews, April 9, 2020: House Financial Services Committee Chair Calls for CRA Changes
This week, Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, led a letter to Joseph Otting, Comptroller of the Currency, and Jelena McWilliams, Chairman of the Federal Deposit Insurance Corporation, urging them to prioritize a strong response to the COVID-19 pandemic and suspend efforts to revise the Community Reinvestment Act (CRA) and any “unrelated rulemakings.”
“At a time when regulators should be working together to appropriately respond to this growing pandemic and keep our banking system safe and sound, unrelated rulemaking should be put on hold for the time being,” the lawmakers wrote. “To that end, we urge you to delay any unrelated rulemakings, including the Notice of Proposed Rulemaking (NPRM) with respect to the CRA, during the ongoing crisis. After the crisis passes, we urge your agencies to work with the Federal Reserve to develop a new, joint NPRM that is consistent with the purpose of the Community Reinvestment Act.”
