Schumer Responds to Proposed Regulations on CRA "Sunshine" Provisions
Proposed Rules are Off the Mark from the Provisions' Original Intent and Would Have a Chilling Effect on CRA Lending, Schumer Says
Today, the Department of the Treasury, Federal Reserve , and FDIC released proposed rules on the "Sunshine" provision of the Community Reinvestment Act . US Senator Charles E. Schumer made the following statement regarding the proposed rules:
"I am considerably disappointed the proposed rules on CRA's "Sunshine" provision. The rules fall well off the mark of the provision's original intent. If implemented, the proposed rules would have a chilling effect on CRA lending.
"I worked hard and in good faith to draft a disclosure provision that would reasonably exclude from the reporting requirement groups and agreements that did not have a CRA component. The rules in their current form would have the exact opposite effect in that they would cast the net of coverage on far more entities than are currently covered by CRA."
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