The OCC and FDIC yesterday announced a 30-day extension of the comment period on the agencies’ joint proposal to modernize the Community Reinvestment Act, the Associated Press reports. The new deadline for comments is April 8.
Joseph Otting, the Comptroller of the Currency, and the Federal Deposit Insurance Corp. proposed an overhaul of the CRA , a 40-year-old anti-discrimination law, potentially upending the way banks make loans to low-income communities.
In its notice, the FDIC states: “The proposed revisions would seek to modernize and update CRA regulations to better achieve the law’s underlying purpose of encouraging banks to serve their communities. The NPR is intended to make the regulatory framework more objective, transparent, consistent, and easy to understand.”
