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Bank Regulator Proposes Undoing Trump-Era Fair Lending Rules

The U.S. Office of the Comptroller of the Currency has formally proposed removing a Trump-era regulatory update for the Community Reinvestment Act and instead going back to the previous rules set in 1995. So reports Reuters.

trump 3123765 640 e1611371863540 480x480Under the proposal, last year’s more bank-friendly regulations for the 1977 fair lending law would be shelved by the start of 2022.

The OCC, the Federal Reserve and the Federal Deposit Insurance Crop. have been moving toward new interagency rules for the CRA, which rates banks on their support for low-income areas.

Read the full article from Reuters.

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