Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Fed Not Yet Going Solo on Community Lending Rewrite, Powell Says

Jan. 29, 2020, 9:13 PM

Federal Reserve Chairman Jerome Powell said that he has not yet decided whether the central bank will do its own proposal for rewriting rules for banks’ investment in low- to moderate-income communities.

Powell expressed disappointment that the Fed was unable to sign on to a December proposal from the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. to rewrite the rules for the Community Reinvestment Act, a 1977 law that grades banks on their lending and investment in poorer communities.

But Powell said he supported the work of Gov. Lael Brainard, who is leading the ...