Manatt Financial Services Leader Craig Miller was quoted in S&P Global Market Intelligence discussing the update to the Office of the Comptroller of the Currency's Community Reinvestment Act rule and its impact on banks. The publication reported the OCC issued its final rule on CRA in May 2020 under former Comptroller Joseph Otting and without support from the other two CRA regulators, the Federal Reserve and the FDIC. Miller explained that the upheaval at the OCC, differing proposals between the regulators and abrupt changes in final rules can be confusing and costly for banks as they try to ensure they are following the rules. He noted that “there is a real sense, certainly among community and regional banks, to fulfill the needs of low- and moderate-income communities, having a baseline where everyone’s on the same page is really important.”
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