Brainard lending proposal gets boost in Congressional hearing
Participants applaud Fed proposal, while strongly criticising plan by OCC’s Otting
The Federal Reserve’s informal proposal to modernise the Community Reinvestment Act received a boost in a committee hearing on January 14, as witnesses attacked an alternative proposal made by other regulators.
Members of the US House Committee on Financial Services applauded Fed governor Lael Brainard’s data-driven approach and encouraged the Fed to push ahead with a formal proposed rule.
The committee hearing comes after two separate proposals were put forward to reform the Community
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