Representative Andy Ogles (R-TN) joined several Republican House members urging the CFPB to rescind a proposal to establish a nonbank registry and require financial institutions to register with the CFPB.
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In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
House Financial Services Committee Chair Maxine Waters (D-CA) proposed amendments to the Community Reinvestment Act in an effort to (i) end modern-day redlining, (ii) root out discrimination in the banking system and (iii) close the gaps in racial wealth and homeownership.
Over 70 Democratic congressional representatives urged banking regulators to finalize amendments to rules implementing the Community Reinvestment Act to "finally end the discriminatory practice of redlining."
The OCC "true lender rule" was removed from the Code of Federal Regulations, effective immediately.