Overhaul of Anti-Redlining Law Sparks Rift Among Financial Regulators

 

A proposed overhaul of a 40-year-old anti-redlining law has created a rift between three powerful financial regulators.

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) have unveiled an ambitious plan for updating the 1977 Community Reinvestment Act, which would give the banking industry new flexibility on meeting government-mandated goals for investing in poor neighborhoods.