Value Walk, April 14, 2020: OCC Releases Log of Comptroller Otting’s Calls with Bank Execs on Gutting of Anti-Redlining Rules
On the same day the comment period closed on the Trump administration’s plan to weaken regulations implementing the Community Reinvestment Act — the law designed to combat redlining and encourage banks to meet the credit needs of their communities — the Office of the Comptroller of the Currency released
a log of Comptroller Joseph Otting’s previously undisclosed and off-the-books discussions with banking industry executives on OCC’s proposal to gut the CRA regulations. The summaries, which lack detail and substance, were posted to the rulemaking docket after Democracy Forward, the National Community Reinvestment Coalition, and the California Reinvestment Coalition demanded
that the administration disclose Comptroller Otting’s ex parte communications with nongovernmental stakeholders.
