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Tue May 18, 2021, 04:25 PM

Biden reverses Trump changes to bank antidiscrimination law

Source: Associated Press


KEN SWEET,
AP Business Writer
May 18, 2021
Updated: May 18, 2021 3:03 p.m.

NEW YORK (AP) — The Biden administration said Tuesday it will repeal changes made by the Trump administration to a law aimed at stopping banks from discriminating against racial minorities and the poor.

The Office of the Comptroller of the Currency, one of the nation's bank regulators, said it plans to reconsider the regulations written in 2020 governing a law known as the Community Reinvestment Act. The civil rights era law requires banks to document the extent of their lending to the communities that surround their branches in order to ensure they are not just lending to the wealthy or to white customers.

The OCC said it plans to start from scratch, and told banks to effectively ignore the 2020 changes while the agency rewrites the regulations.

Trump's Comptroller of the Currency, Joseph Otting, had made revising the Community Reinvestment Act a cornerstone of his tenure. The law is widely respected by the industry and activists alike, but both sides have agreed for years that it was out of date. Many banks now operate entirely online, ATMs are ubiquitous, and it is increasingly more difficult to define what a “community” is in order to comply with the law.

Read more: https://www.chron.com/news/article/Biden-reverses-Trump-changes-to-bank-16185952.php

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Reply Biden reverses Trump changes to bank antidiscrimination law (Original post)
Judi Lynn May 18 OP
soothsayer May 18 #1
intrepidity May 18 #3
AZ8theist May 18 #2
pecosbob May 19 #4

Response to Judi Lynn (Original post)

Tue May 18, 2021, 04:39 PM

1. Too many double negatives for me! I'll assume it's good.

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Response to soothsayer (Reply #1)

Tue May 18, 2021, 05:30 PM

3. Right? Arrgh. nt

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Response to Judi Lynn (Original post)

Tue May 18, 2021, 05:16 PM

2. What about the fucking Post Office?????????????

When does DeJoy get axed?????????

When does he get frog marched out of there on criminal charges???

Some of us are tired of waiting for justice.

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Response to Judi Lynn (Original post)

Wed May 19, 2021, 04:36 AM

4. Hopefully we will avoid giving any more of this money directly to rich real estate developers

This program has been notorious for funneling money to rich developers who use loopholes and chicanery to steal tax dollars for their reverse robin hood schemes...projects that do little or nothing for the targeted community.

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