A chance to significantly overhaul banking regulations comes around once in a generation — or maybe twice.
Today, the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a proposed set of overhauled regulations under the Community Reinvestment Act, the 1977 law intended as a countermeasure against discriminatory lending, also known as redlining.
As Next City has covered previously, the Trump administration attempted to gut those regulations, proposing and adopting new rules covering most but not all of the banking system — in the midst of a pandemic that saw massive upheavals in the economy.