WASHINGTON — Biden administration regulators are widely expected to
But even though regulators such as the Federal Reserve have pinpointed aspects of the OCC’s approach that they oppose, the rule also contained several uncontroversial measures with wide support that could help serve as a foundation for a joint CRA framework backed by all the banking agencies.
Community groups and their allies in Congress objected to how CRA investment in low- to moderate-income communities across the country would be scored and incentivized under the CRA rule. For their part, banks objected to substantial new data and recordkeeping requirements that would be used to make the OCC framework work and urged the agencies to harmonize their different approaches.
Since September, policy analysts have largely shifted their attention to the Fed’s plans for CRA reform after the central bank published an advance notice of proposed rulemaking outlining an
Before the Fed issues a more formal proposal, regulators have to sort through roughly 600 public comments on the ANPR. While the general reception of the Fed’s plan seems warmer than the reactions to the OCC rule, many commenters pointed to some notable elements of the OCC approach that they want to see preserved in a new rulemaking process.
Here are six features that many if not all stakeholders want to see in a final CRA rulemaking approved by the agencies.