Quarles Signals CRA Final Rule Could Still Involve All Three Agencies

While the Federal Reserve is unlikely to join the highly anticipated notice of proposed rulemaking to revise the Community Reinvestment Act, Fed Vice Chairman for Supervision Randal Quarles today signaled that the final rulemaking could involve all three agencies. “My expectation is that when we get to that final rule, it will be all three agencies together,” Quarles said during testimony before the Senate Banking Committee. “That is the objective.”

Quarles noted that the Fed has been “actively engaged with the FDIC and the OCC” throughout the process thus far, and that “the proposal that is evolving has benefitted from a lot of Fed input.” He added that “if it happens that the interim steps happen at different speeds, I wouldn’t draw too much from that.”