National Mortgage News: Regulators ‘full steam ahead’ on CRA reform despite coronavirus pandemic

National Mortgage News, April 8, 2020: Regulators ‘full steam ahead’ on CRA reform despite coronavirus pandemic

The Office of the Comptroller of the Currency is plowing ahead on Community Reinvestment Act reform, drawing pushback from leaders of banking and community groups who say their members and regulators should be focused on emergency coronavirus relief.

The comment deadline on the CRA proposal issued by the OCC and the Federal Deposit Insurance Corp. was set to expire Wednesday, and there was no sign of an extension. In fact, Comptroller of the Currency Joseph Otting said in a statement emailed to American Banker on Monday that “slowing the rulemaking would only delay relief and support that communities across the country need.”

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