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Oct. 2, 2022

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Comment extended on banking law overhaul

The Columbian
Published:

WASHINGTON — The Trump administration gave into public and banking industry pressure Wednesday, announcing it would extend the comment period on its overhaul of a critical banking law by 30 days.

The 30-day extension goes against what Joseph Otting, the Comptroller of the Currency, told reporters and members of Congress last month that an extension on public comment period was not up for debate.

Otting and the Federal Deposit Insurance Corp. have proposed a massive overhaul of the Community Reinvestment Act, a 1970s law that is designed to keep banks from discriminating against the poor and by extension, racial and ethnic minorities.

The overhaul is expansive, and Otting had originally proposed a 60-day public comment period on the law before it got finalized. Typically, large overhauls are given 90 days.

Even the banking industry, which is generally in favor of the changes, felt the 60-day comment period was too short. Democrats and their community group allies have been generally against Otting’s proposals.

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