Ready or not, CRA modernization is at the door
Banks could receive many more failing grades from regulators under a proposed overhaul of the Community Reinvestment Act (CRA).
Stay updated with breaking news from David Dworkin. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Banks could receive many more failing grades from regulators under a proposed overhaul of the Community Reinvestment Act (CRA).
Key divisions remain on the explicit inclusion of race and the strength of CRA exams, but both sides are pleased with the promise of increased clarity and transparency.
President Joe Biden says he plans to nominate Michael Barr to be the Federal Reserve's vice chairman of supervision
Barr's selection comes after Biden’s first choice for the Fed post, Sarah Bloom Raskin, withdrew her nomination a month ago.
The selection of the dean of the University of Michigan's public policy school comes after the president's first choice, Sarah Bloom Raskin, withdrew her nomination in the face of opposition from Republicans and one Democrat.