5.3.21
On May 3, Federal Reserve (Fed) Chair Jerome Powell urged Congress to consider expanding the scope of the Community Reinvestment Act (CRA) to include non-depository institutions. For any reform to occur, the CRA, which sets rules on bank lending in low-income communities, would need authorization from lawmakers. Powell noted that the Fed is reopening discussions with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on what comprehensive CRA reform should look like at all three agencies.