WASHINGTON (Reuters) – The Office of the Comptroller of the Currency announced Tuesday it was reconsidering an updated rule on fair lending standards, setting aside an effort recently finalized under the Trump administration.
The OCC said it was revisiting rules around the Community Reinvestment Act, a 1977 community lending law, adding that banks no longer had to update their systems to comply with the 2020 modifications. The move sets the stage for the OCC to sync any updated rule with other banking regulators that share responsibility for enforcing it.
(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)
