U.S. banking regulator moves to scrap Trump-era fair lending rules
Reuters2021-07-21
WASHINGTON, July 20 (Reuters) - A leading U.S. bank regulator announced Tuesday it will propose rescinding a 2020 update to a fair lending rule, and instead will work with other regulators on establishing a joint rule.
The Office of the Comptroller of the Currency said it was moving to scrap the previous update to the Community Reinvestment Act rules, saying uniform action across regulators is preferred. In a joint statement, the OCC, Federal Reserve and Federal Deposit Insurance Corp said they were committed to a joint rule-writing effort to update requirements for the 1977 fair lending law.
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