Advocates push back on proposed changes to lending law
Over 400 housing and investment groups warn that a Trump administration rewrite of a banking law could hurt affordable housing. Bank groups have offered their own recommendations for revising the rules.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Federal banking regulators are weighing changes to rules under the Community Reinvestment Act, and the FDIC and Office of the Comptroller of the Currency have proposed revisions. More than 400 national and state affordable housing and economic development groups protested the Trump administration's proposal, warning it will hurt housing development and affordability. Bankers associations have submitted their own recommendations to the agencies.
Why it matters
Groups warn the changes could cut community development lending, and the NAAHL estimates 2.6 million people live in areas with no coverage.
Timeline
- Oct 13, 10:17 AM ET: Better Markets filed a comment letter opposing the FDIC and OCC proposal.
- Oct 13, 12:39 PM ET: More than 400 affordable housing and economic development groups protested the proposal.
- Oct 13, 12:52 PM ET: NAAHL urged regulators to rethink the proposed CRA changes.
- Oct 13, 4:04 PM ET: ABA and state bankers associations offered recommendations for revising the CRA rules.
Coverage
- Trump Anti-Redlining Plan Would Cut Nonprofits’ Cash, Banks Say (news.bloomberglaw.com)
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