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 Federal Reserve Board, the FDIC and the OCC solicited comments on proposed amendments to Community Reinvestment Act regulations. Comments are due by August 5, 2022. The notice was published in the Federal Register.
The Federal Reserve Board, the FDIC and the Comptroller of the Currency proposed amendments to the Community Reinvestment Act regulations. Comments are due by August 5, 2022.
CFPB Director Rohit Chopra stated that the agency will utilize its "dormant authority" to supervise nonbank financial companies suspected of posing risk to consumers.