During an often contentious hearing before the House Financial Services Committee today, Comptroller of the Currency Joseph Otting defended his agency’s proposed changes to the Community Reinvestment Act regulations.
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“When you think about what’s happening in America, there’s a bifurcation that’s happening,” says Orvin Kimbrough. “You have more and more people pushing to the upper echelons of economic continuum, and you have many more who are pushing to the lower end, and the middle group is being squeezed.”
Federal Reserve Governor Lael Brainard, the agency’s point person for the Community Reinvestment Act modernization process, today outlined the Fed’s approach to revising CRA rules and explained why the Fed did not join the notice of proposed rulemaking issued last month by the OCC and the FDIC.
The federal banking agencies today released 2018 Community Reinvestment Act data on small business, small farm and community development lending. The CRA requires banks with more than $1.25 billion in assets to report data in these areas.
Ahead of a House Financial Services Committee vote today, ABA expressed support for legislation that addresses the decline in minority depository institutions and creates opportunities for community development financial institutions.
The latest episode of the ABA Banking Journal Podcast continues a pre-Thanksgiving tradition by interviewing the winners of ABA’s 2019 Community Commitment Awards. These stories present the perfect inspiration as we prepare for the season of thanks and giving.
The American Bankers Association Foundation has recognized eight banks for their outstanding commitment to their communities.
The Federal Home Loan Banks awarded approximately $458 million in affordable housing program funds in 2018, a 15% increase from the year prior, according to a report released today by the Federal Housing Finance Agency.
The Treasury Department’s Community Development Financial Institutions Fund today announced more than $25 million in awards to 113 banks through its Bank Enterprise Awards program, which encourages banks to increase their investments and loans in disadvantaged communities.