Compliance Week interviewed Manatt’s Craig Miller, co-chair of the firm’s financial services transactions practice, for an article on the Treasury Department’s attempts to modernize the Community Reinvestment Act.
Miller explained that proposed changes to the CRA would make it easier to get a solid rating and, in turn, could make life easier for banks. This could provide more certainty of examination criteria and cycles.
“The CRA has been a source of angst for a lot of banks for a long time,” he said. “Banks don’t feel like they necessarily have as much direction from regulators as they would like, and there is not necessarily the consistency they would like.”