In this report, we assess Comptroller Otting’s appearance today before House FinServ during which he promised near-term action on Community Reinvestment Act (CRA) reform and the OCC’s special purpose fintech charter (see FSM Report FINTECH10). Mr. Otting indicated that there is no substantive daylight between the OCC’s CRA reform priorities and Treasury’s (see Client Report CRA20) and that he hopes an interagency proposal will be issued in the “next few weeks.” However, Mr. Otting took heavy fire from Democrats when he seemed skeptical that credit discrimination continues and took a non-committal path on whether the CRA rewrite thus would address it. If not, the FRB may balk at an inter-agency CRA rewrite.
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