Regulators aligned on “once in a generation” CRA rewrite

Source: Housing Wire — 

Two years ago, the regulator of the nation’s biggest banks moved alone to rewrite the Community Reinvestment Act (CRA), the country’s premier anti-redlining law.

That effort, under the Trump administration, ultimately fizzled. The Office of the Comptroller of the Currency formally rescinded its plan in December of 2021.

In an example of how dramatically the regulatory landscape has since shifted, top officials of all three banking regulatory agencies on Friday appeared together at an in-person event hosted by the Urban Institute, and they were aligned on the biggest revision to the Community Reinvestment Act in decades.