Regulators attempted to insulate their overhaul of federal anti-redlining rules from legal challenges by dialing back some provisions banks, but the threat of litigation remains.
Banks have been gearing up to take federal regulators to court over new regulations following recent court victories, and the long-awaited overhaul of the Community Reinvestment Act was widely viewed as a top target.
The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency made several bank-friendly changes in the final rule issued Oct. 24, such as limiting the types of loans included in CRA compliance exams.
“We ...
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