7.20.21
On July 20, in a joint statement the Office of the Comptroller of the Currency (OCC), Federal Reserve, and Federal Deposit Insurance Corporation announced plans for interagency rulemaking to modernize the Community Reinvestment Act (CRA). The announcement did not provide a timeline for the regulation, nor did it illustrate how the OCC will attempt to rescind and replace the Trump-era rule which has led to division among regulators for some time. Many policymakers have called for reform for years to reflect the rise of online and digital banking. Officials anticipate reform of the CRA will encourage banks to lend more to low-income communities in hopes of addressing economic disparities.