OCC Goes It Alone on Anti-Redlining Rule Rewrite (2)

The Office of the Comptroller of the Currency issued a sweeping rewrite of a key anti-redlining law that stepped back from a few controversial proposed changes.

The OCC on Wednesday issued new rules for determining banks’ compliance with the Community Reinvestment Act, a 1977 law aimed at boosting lending and investment in low- to moderate-income communities.

However, the Federal Deposit Insurance Corp., which signed on to an original December proposal, and the Federal Reserve, which abstained from the proposal, didn’t sign on to the final rules.

FDIC Chairman Jelena McWilliams said that while there “many provisions” in the OCC’s final ...