Gruenberg: Expect CRA rule early part of next year

FDIC Acting Chairman Martin Gruenberg told lawmakers he anticipates regulators will release a final rule reforming Community Reinvestment Act regulations during the early part of next year.  

Hearing: Testifying during a Senate Banking Committee nomination hearing, Gruenberg said the rulemaking is ambitious and complicated. ICBA has called on regulators to issue a uniform CRA rule that limits new data collection mandates and improves transparency. 

Nominations: Gruenberg, who President Joe Biden has nominated for FDIC chairman, testified alongside Republican FDIC board nominees Travis Hill and Jonathan McKernan. The committee will need to approve the nominees before they are taken up by the full Senate. ICBA expects the nominees to be confirmed by the Senate later this month.