US regulators to align policies on lower income lending
OCC backs down on separate CRA rules and starts joint consultation with Fed, FDIC
The US’s three chief banking regulators announced on July 20 that they would begin joint development of new regulations under a key financial inclusion law.
The agencies – the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – issued a “notice of proposed rulemaking”. This declares their intent to make new regulations to implement the Community Reinvestment Act, and formally invites public comment.
The three agencies struggled to
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