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Hsu: CRA Modernization on ‘Aggressive Timeline’

Testifying before the Senate Banking Committee this week, Acting Comptroller of the Currency Michael Hsu said that the Office of the Comptroller of the Currency has aggressive internal timelines for working with the Federal Reserve and Federal Deposit Insurance Corp. to put forward a joint rulemaking that strengthens and modernizes the Community Reinvestment Act.

“The teams are working very quickly,” Hsu said. We have given internal, kind of aggressive timelines on that, but it is a complicated rule and we want to make sure that we do it right and we will be working with all deliberate speed.” He later added that “we currently have groups that are working pretty much around the clock on coming up with options to strengthen the CRA to make sure that low and moderate-income communities have their needs met.”

Watch a recording of the hearing.

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