Cheat sheet: Hopes and hang-ups on CRA reform

WASHINGTON — Bank regulators have not come out with a grave devise for updating a Community Reinvestment Act, though a rough list of questions about a remodel bid released by a Office of a Comptroller of a Currency has constructed a value trove of open feedback to beam their deliberations.

The OCC perceived some-more than 1,300 comments on a allege notice of due rulemaking seeking for responses on how to enhance a 1977-era CRA, that grades banks on lending to low-to-moderate income communities in their bend networks. The criticism duration sealed on Nov. 19.

Opinions about a OCC’s ANPR vary. Many in a attention have lauded a step taken by a agency, that insists it was merely perplexing to accumulate feedback. But some stakeholders contend a agency’s questions reflected a process leanings. For example, some critics have suggested a group appears to support expanding CRA criticism areas, though observers worry that could intermix resources in communities that need a law most.

The criticism letters as good as interviews with those following a agencies’ bid simulate an heated discuss among a several parties focused on CRA, that will usually get some-more heated a serve a agencies get in producing a plan.

Among a criticism letters, many attention stakeholders corroborated expanding CRA criticism areas, state authorities warned a regulators not to revoke slip of discriminatory lending practices and consumer advocacy groups urged a sovereign agencies to equivocate any devise ensuing in a detriment of loans and investments in low- and moderate-income communities.

Here are pivotal themes that were lifted in a criticism letters.

Article source: http://www.nationalmortgagenews.com/list/cheat-sheet-hopes-and-hang-ups-on-cra-reform

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