Fed’s Brainard criticises other US regulators over lending proposals
Fed governor warns proposed reforms from FDIC and OCC could harm poorer areas
Lael Brainard, a member of the Federal Reserve’s board of governors, has sharply disagreed with proposals by two other US agencies for changing the regulation of lending in poorer regions.
Brainard’s January 8 speech made strong implicit criticisms of the recent proposal made by the Federal Deposit insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) in December. The two agencies proposed changes to the Community Reinvestment Act (CRA), a law passed in 1977 that
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