October 1, 2020

By Brendan Pedersen, American Banker

Download PDF

WASHINGTON — While the Federal Reserve’s proposal to modernize the Community Reinvestment Act has key differences from a competing rule by the Office of the Comptroller of the Currency, some observers are still holding out hope that the two agencies can get on the same page.

The agencies have bucked tradition by pursuing separate plans to reform the 1977 anti-redlining law. The Fed’s advance of notice of proposed rulemaking last week made clear the central bank still disagrees with the OCC’s approach to scoring a bank’s combined CRA activities and other issues.