The CRA committee devoted most of its time to the FRB's proposal to amend Regulation Y to streamline the processing of certain applications. The consumer groups are strongly opposed to any procedural changes that would limit the ability of a consumer group to file comments, protest, or negotiate solutions with banks.
What became very clear in this discussion was that consumer groups want the CRA process to remain focused on the application and protest process. Protesting an application enables a consumer group to assert more force and gain more concessions than does participation with a bank on an ongoing basis. Consumer advocacy groups will clearly fight any change to CRA or to application processing that reduces their power in the application process.
Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 16, 10/96
First published on 10/01/1996