The Federal Reserve’s foot-dragging in endorsing the newly proposed changes to Community Reinvestment Act (CRA) requirements, issued Thursday by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., is not the only evidence of a split among regulators on the best approach to updating regulations implementing the more than 40-year-old law.
Financial industry advocates were encouraged by aspects of the proposal they believe will lead to increased transparency and credit availability in certain communities. Consumer advocates, on the other hand, have been strongly critical of the proposal.
Learn more details of the various viewpoints on the proposal.