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July 30, 2021

American Banker

Quyen Truong, a partner in Stroock’s Financial Services Litigation, Regulation and Enforcement Group and former CFPB assistant director, was quoted in an American Banker article, “CRA deal between Fed, FDIC and OCC still not a slam dunk.”

Truong weighed in on the issues and challenges posed as the Fed, FDIC and OCC work toward developing an interagency Community Reinvestment Act (CRA) plan. Although the agencies and stakeholders have agreed conceptually regarding CRA reform, Truong points out that there are still key portions that will be very hard to tackle, especially with the differing ideological and political viewpoints that exist. Truong further notes that finding a way to update the rules in light of increased online banking activity will be the biggest issue, and likely will significantly delay resolution.

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