A U.S. banking regulator announced on Wednesday it had finalized work on a long-running effort to change community lending standards for banks.
The new rule from the Office of the Comptroller of the Currency is an update to requirements stemming from the 1977 Community Reinvestment Act, which requires banks to support lower-income borrowers and their communities, and for regulators to grade them on that effort.
However, the overall fate of the rule is unclear. The OCC is one of three regulators responsible for enforcing the rule, alongside the Federal Deposit Insurance Corporation and Federal Reserve. Neither regulator joined the OCC in adopting the new rules on Wednesday, and the U.S. central bank has yet to even propose any changes.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump banking regulator to announce departure after finalizing anti-redlining ruleComptroller of the Currency Joseph Otting will announce this week that he’s stepping down from his position as one of the country's top bank regulators after his agency finalizes the overhaul of a landmark anti-redlining law
Read more »
Why Apple is unlikely to face backlash from China over new U.S. rule on HuaweiThe iPhone maker has a good relationship with Beijing and indirectly employs hundreds of thousands of workers in China, factors that could dissuade authorities from taking action against the company.
Read more »
Navajo Nation surpasses New York state for the highest Covid-19 infection rate in the USThe Navajo Nation has surpassed New York and New Jersey for the highest per-capita coronavirus infection rate in the US -- another sign of Covid-19's disproportionate impact on minority communities.
Read more »
TikTok CEO Kevin Mayer's first task: Help the Chinese app rebuild trust with U.S. regulatorsAs Kevin Mayer moves from leading Disney+ into his new role as TikTok CEO his top priority will be a difficult one: he must prove to American lawmakers, regulators and consumers that they can trust the Chinese-owned app with their data.
Read more »
Santander to Pay States $550 Million to Settle Allegations of Predatory Auto LendingSantander reached a $550 million deal with more than 30 states to settle charges of predatory auto lending to borrowers with low incomes and subprime credit scores
Read more »
BOJ's emergency meeting to decide loan scheme for virus-hit small firmsThe Bank of Japan will hold an emergency policy meeting on Friday to set up a reward scheme for financial institutions that boost lending to small firms hit by the coronavirus pandemic.
Read more »