Will Regulators Ever Find Common Ground on CRA Reform?
WASHINGTON — More than two years after efforts began to modernize enforcement of the Community Reinvestment Act, regulators appear as divided as ever on how to proceed.
On one side are the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., which jointly issued a proposal last month, while on the other is the Federal Reserve Board, which appears to have significant reservations about the plan.
Those objections were first detailed this week by Fed Gov. Lael Brainard, who delivered an indirect but sharp critique of several elements of the proposal. For now, the two sides appear far apart.