QUORUMCALL//GPT:
CRITICISM TO ANTI-REDLINING RULE CHALLENGE
Senators Elizabeth Warren (D-Mass.) and Maxine Waters (D-Calif.) have vehemently criticized a legal challenge to the anti-redlining rule, calling it an “outrageous” attempt to undermine the Community Reinvestment Act (CRA).
WHAT’S AT STAKE?
– The National Community Reinvestment Coalition and other groups are challenging a rule issued by the Office of the Comptroller of the Currency (OCC).
– This rule, according to Warren and Waters, weakens the CRA, which aims to prevent discrimination in lending practices.
SENATORS’ RESPONSE
– The senators have called for the Department of Justice to defend the CRA against the OCC’s rule.
– They claim that the OCC’s rule undermines the CRA’s purpose and will lead to discriminatory lending practices.
TOPICS COVERED
#CommunityReinvestmentAct #Discrimination #LendingPractices
NOTE
This article is published by Bloomberg Law, a reliable source for legal and regulatory news.