Banks Looking for Common Ground on CRA Modernization

Banking Exchange
4 minute read | March.24.2019

Regulatory officials in recent days have taken what appear to be initial, tentative steps toward the daunting task of revising the Community Reinvestment Act: They are talking publicly about it.

That is of no small significance, given that the conversation is fraught with some of the most complex, and occasionally conflicting priorities that banking regulators must pursue. FDIC Chairman Jelena McWilliams in a speech last week bore personal testimony to the importance of the CRA, just days after Federal Reserve Board Governor Lael Brainard affirmed that the Fed was also thinking about how to move forward.