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FDIC In No Rush to Finish Anti-Redlining Rewrite, McWilliams Says

June 16, 2020, 5:40 PM

The Federal Deposit Insurance Corp. is in no hurry to move forward with a rewrite of a key anti-redlining law.

FDIC Chairman Jelena McWilliams on Tuesday said that her agency would not join the Office of the Comptroller of the Currency in finalizing new rules for the Community Reinvestment Act, a 1977 law aimed at boosting lending and investment in low- to moderate-income communities.

The OCC moved on its own to finalize new rules for measuring banks’ compliance with the law on May 20, but the FDIC elected not to do so, citing concerns about revamping a data-intensive regulatory regime ...