Reactions to CRA Plan Signal Long Fight Ahead

 

WASHINGTON — Bank regulators moved the needle this week on efforts to reform the Community Reinvestment Act, but their sweeping proposal could set in motion a bruising battle to come.

Clear fault lines had already appeared before the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. released their 240-page notice of proposed rulemaking, with the Federal Reserve refusing to sign on to the document and Democratic lawmakers criticizing the plan even before it was unveiled.