WASHINGTON — Federal Reserve Chair Jerome Powell said bank regulators are still aiming to write a joint rule reforming the Community Reinvestment Act, despite years of disagreements between the agencies on how to proceed.
The Office of the Comptroller of the Currency finalized a rule on its own in May that includes a new CRA scoring method and other reforms, but the Fed and other agencies declined to support the plan. However, a leadership change has buoyed hopes of an interagency framework.
“I think there is an opportunity for a harmonized rule among the agencies,” Powell said in a hearing Wednesday before the House Financial Services Committee. “We are engaged, have been engaged and continue to be engaged with the [Federal Deposit Insurance Corp.] and the OCC and we’re working on that very thing.
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