Federal Reserve Chairman Jerome Powell told Congress he is comfortable with Fed Governor Lael Brainard's approach to Community Reinvestment Act reform.
Testifying before the House Financial Services Committee as part of his semiannual monetary report, Powell said the Fed has not yet adopted a CRA proposal as the OCC and FDIC proceed with a separate plan.
Brainard last month laid out the Fed's efforts to develop new CRA metrics and tests. She said at that time that an interagency proposal would be the best approach for reform, though getting CRA reform right is more important than doing it quickly.
ICBA will continue to work closely with all relevant policymakers on this years-long initiative.