The Office of the Comptroller of the Currency is proposing to rescind regulatory language tied to diversity efforts and credit risk retention as part of President Trump’s Department of Government Efficiency initiative.
Trump last year directed federal agencies to trim “unlawful” regulations as part of the DOGE effort started under Elon Musk. The OCC today issued a proposed rule to rescind or amend three regulations. They are:
- The deletion of references to minority- and women-owned entities in the regulation governing community development corporations, public welfare investments and other public welfare investments made by national banks.
- The deletion of the portion of the credit risk retention regulation that provides an alternative compliance option for lead arrangers of open market collateralized loan obligations.
- The deletion of nondiscrimination requirements for federal savings associations, which the OCC said is duplicative of legal authorities that address discrimination and lacks clear statutory authority.
Public comments on the proposed changes are due by May 27.
