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Banks Ask Regulator to Pull Back Trump Anti-Redlining Rules

May 4, 2021, 10:36 PM

Banks are urging the Office of the Comptroller of the Currency to withdraw a Trump-era rewrite of anti-redlining regulations or delay their implementation by an additional two years.

Ten banking trade groups on Tuesday urged the OCC to officially withdraw Community Reinvestment Act (CRA) regulations that were issued in May 2020 and would take effect in January 2023.

The banks said they didn’t want to prepare for the regulations amid reports that the Biden administration plans to withdrawal the OCC rules and have the agency work with the Federal Reserve and the Federal Deposit Insurance Corp. on a joint proposal....

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