FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon
WASHINGTON (Reuters) – A U.S. banking regulator announced on Wednesday it had finalized work on a long-running effort to change community lending standards for banks.
The new rule from the Office of the Comptroller of the Currency (OCC) is an update to requirements stemming from the 1977 Community Reinvestment Act, which requires banks to support lower-income borrowers and their communities, and for regulators to grade them on that effort.
The new rule, which does not take full effect until 2024, was a top priority for the OCC’s chief, Joseph Otting. A former bank executive, Otting came to the job vowing to overhaul the rules, which were last updated in 1995. Multiple media reports said that Otting plans to soon step down from the post where he has served since…
