Precursors to help you CRA at the county level appeared to be having the desired impression regarding reducing inequities in financial credit and service
Robert Grow, brand new Pretending Comptroller of your Currency, affirmed one CRA could well be mostly duplicative from existing bank merger law and you can statutes. The brand new OCC currently necessary financial institutions to describe how they would operate so you’re able to borrowing and you can deposit demands. The guy asserted that [The latest OCC] [does] maybe not agree with their assertion that the borrowing means off a locality and also the applicant’s power to serve these types of means was almost forgotten from the regulatory organizations. Not only is it duplicative, an effective CRA laws would-be too restrictive and wouldn’t ensure it is the brand new regulating companies to work out discretion within the comparing bank software. Requiring finance companies to suggest how they will suffice regional needs try perhaps not appropriate in every cases. 続きを読む