Revamp of Investment Rule Could Benefit Richer Districts

 

Before releasing a controversial proposal to overhaul a decades-old law that encourages banks to lend in poor and neglected neighborhoods, Comptroller of the Currency Joseph Otting went on a cross-country tour selling the changes he had in mind.

“While [the Community Reinvestment Act] has driven trillions of dollars in investment since 1977, more needs to be done to ensure banks are motivated to maintain and increase investment, lending and services in rural areas, including Native American communities like the ones we visited today,” Otting said during an August visit to Native American pueblos in New Mexico.