The three major U.S. banking regulators want to rewrite many outdated regulations tied to the Community Reinvestment Act, a decades-old banking law.
Federal Reserve Board, the Federal Deposit Insurance Corporation,
and the Office of the Comptroller of the Currency believes the law designed to encourage lending to the poor and racial minorities in the areas where banks have branches needs revamping.
FDIC Chairman Martin J. Gruenberg said the ‘substantial impact’ would come from modifying the act.
Jesse Van Tol the President and CEO of the National Community Reinvestment Coalition spoke with guest host Michael Imhotep about the anti-discriminatory bank law
Here are the key elements of the law the banks want to see changed:
– Expand access to credit, investment, and basic banking services in low- and
moderate-income communities.
-Adapt to changes in the banking industry, including internet and mobile banking.
-Provide greater clarity, consistency, and transparency.
-Tailor CRA evaluations and data collection to bank size and type
-Maintain a unified approach.
The 1977 law addresses fair housing practices.
The proposal will undergo several revisions and should be finalized later this year.
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