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Fed Governor Criticizes Other Regulators’ Community Lending Plan

Jan. 8, 2020, 7:20 PM

A plan by banking regulators to revamp enforcement of the Community Reinvestment Act could stray from the anti-red lining law’s core purpose, Federal Reserve Governor Lael Brainard said.

In a Jan. 8 speech, Brainard laid out a sharply different vision for measuring banks’ compliance with community lending and investment requirements than a proposed rule released last month from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.

Brainard said providing firm metrics for grading banks’ lending and investment into low- to moderate-income communities was necessary.

Though she didn’t criticize her fellow regulators by name, Brainard...

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