Read the original full report from ABA Banking Journal here.
Here is a brief summary of the article:
- Federal Reserve’s CDIAC disappointed with final rule to modernize Community Reinvestment Act.
- Rule is overly prescriptive and lacks clarity for community banks.
- CDIAC suggests banking agencies prepare financial institutions for changes.
- CDIAC concerned asset size thresholds won’t protect smaller institutions.
- CDIAC worried cumulative impact of past regulations will hurt CDI business model.