WASHINGTON – The Office of the Comptroller of the Currency made good on a promise to rescind the agency’s unilateral reforms of the Community Reinvestment Act.
The agency on Wednesday proposed to revert its CRA regulations to the previous framework in effect since 1995.
The rescission proposal, with comments due by Oct. 29, would undo virtually the entire rule finalized under the Trump administration and former Comptroller Joseph Otting in 2020. It would also further align the OCC with the CRA rules enforced by the other bank regulators in advance of their attempting to develop an interagency overhaul of the anti-redlining law.
Acting Comptroller Michael Hsu announced earlier this year that the OCC planned to rescind the rule in some fashion in order to give the interagency process a second chance.
Read Also
- Trump, DeSantis and Pence will speak at a Republican rally this weekend Nov 19, 2022
- VIVIANA AND GIOELE: Did the family know how things were? The wiretapping of the Prosecutor’s Office on the sister-in-law Sep 4, 2021
- Budget 2022: The Senate votes an anti-inflation extension of 2.5 billion euros Nov 16, 2022
- Presidential elections Colombia 2022: MOE reports more than 110 electoral irregularities this Sunday morning May 29, 2022
- “What are we doing? What are we here for?”: the raw speech of a senator after the massacre in Texas May 25, 2022
- It is today: Government will announce its candidate for National Prosecutor, to be endorsed by the Senate Nov 21, 2022
- Domestic violence: “The relatives of victims have a key role to play”, insists lawyer Janine Bonaggiunta Nov 25, 2022
“This would put us back in alignment with the Fed and FDIC,” Hsu said in an interview Wednesday.
In its proposed rulemaking, the agency said the framework “would be substantively identical to the 1995 Rules.”
“This would put us back in alignment with the Fed and FDIC,” said acting Comptroller Michael Hsu.
Bloomberg News
“Consequently,” it said, “all definitions, performance tests and standards, and related data collection, recordkeeping, and reporting requirements would revert to those in place prior to the issuance of the June 2020 Rule.”