Former OCC Head Says Non-Banks Should be Included in CRA

Speaking with American Banker the former Comptroller of the Currency, Eugene Ludwig, says that because non-bank lenders are considerably larger today than ever before the Community Reinvestment Act is only dealing with a portion of the financial community; at the same time there should be more thought put in to reducing the compliance burden for both banks and non-banks; it is important that CRA reform take into account the national scope of financial companies today as many banks and non-banks become less focused on having a physical presence; Ludwig says that congressional action is needed here and if we include non-banks then regulators other than the OCC should be responsible for oversight and enforcement; there are also good reasons for expanding CRA beyond lending as we try to come together and address our social and economic problems. American Banker.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.