House Passes Resolution to Overturn Anti-Redlining Rewrite

The House passed a resolution Monday that would overturn changes to how banks are measured on their lending and investment to low-income communities.

The House voted 230-179 in favor of H.J. Res. 90, a resolution of disapproval of the Office of the Comptroller of the Currency’s update to Community Reinvestment Act regulations

The House vote is the first step in eliminating the OCC’s May 20 rule using the Congressional Review Act. The law requires simple majorities in the House and Senate plus the president’s signature to kill a regulation within 60 legislative days of its finalization.

The Republican-controlled Senate is ...