Morning Consult, January 8, 2020: Key Federal Reserve Official Ups the Interagency Ante on Redlining Regulation
Federal Reserve Governor Lael Brainard is pushing her own plan to overhaul anti-redlining regulation, challenging a proposal put out by other bank regulators.
The Fed oversees compliance of the Community Reinvestment Act with two other agencies: the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. The OCC and the FDIC in December jointly proposed an overhaul of the Community Reinvestment Act that consumer advocates have criticized as erasing protections.
Brainard’s ideas could shift the conversation around the Community Reinvestment Act, said Jesse Van Tol, chief executive of the National Community Reinvestment Coalition.
“To date, the dynamic has been the OCC has been pushing the other regulators to get on board,” he said. “Now we have two competing versions out in the universe.”