The task of updating regulations implementing the Community Reinvestment Act (CRA) has been fraught with conflict since long before the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) approved an advance notice of proposed rulemaking to clarify and modernize CRA standards last week.
Representatives of a coalition of 34 Democrats serving on the House Financial Services Committee (FSC) and the Senate Banking Committee recently attended the FDIC meeting during which the proposal received board approval, despite pushback from FDIC Vice Chairman Martin Gruenberg, who chose to abstain from the vote.
Find out more about the differing political viewpoints with regard to CRA reform.