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US OCC to propose rescinding Trump-era Community Reinvestment Act rule

( July 20, 2021, 21:16 GMT | Official Statement) -- MLex Summary: The US Office of the Comptroller of the Currency said it will propose rescinding the Community Reinvestment Act rule issued in May 2020 and plans to work with the Federal Reserve and Federal Deposit Insurance Corp. to strengthen the standard. While acting Comptroller Michael Hsu said the OCC under Trump tried to modernize the legislation, “it was a false start.” The Comptroller at the time, Joseph Otting, adopted the rule shortly before his resignation without the agreement of the FDIC.Statement follows in full:...

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