Housing Wire, May 20, 2020: OCC going it alone on Community Reinvestment Act reform, with Otting reportedly set to step down
Joseph Otting has been the Comptroller of the Currency since November 2017, but if reports are to believed, Otting is set to leave the OCC as soon as this week.
And in what could be his last official act as leader of one of the nation’s main banking regulators, Otting’s OCC is pressing forward alone with reforms to the Community Reinvestment Act, a federal anti-redlining law.
The OCC announced Wednesday that it has released its final rule on “strengthening and modernizing” the CRA, which requires banks to meet the credit needs of all communities they serve, including low- and moderate-income neighborhoods.
However, the OCC’s final rule doesn’t have the full-throated support of the other two main federal banking regulators, the Federal Reserve and the Federal Deposit Insurance Corp.
