US Democrats strongly criticise regulator


Democratic lawmakers in the US Congress clashed with the head of a regulatory agency over its plans to change regulations for lending to poorer areas.    

The head of the Office of the Comptroller of the Currency (OCC), Joseph Otting, faced heavy criticism over the agency’s plans to reform the Community Reinvestment Act (CRA) during the January 29 hearing with the Committee of Financial Services. The Federal Reserve has suggested reform plans that run strongly against those of the OCC’s.


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