American Banker, May 3, 2021, Fed’s Powell embraces idea of CRA for nonbanks
Federal Reserve Chair Jerome Powell indicated his support for subjecting non-depository institutions to the Community Reinvestment Act, but said the final decision should be left to Congress.
“You do see this across payments and all sorts of financial services — you see activities that had once been principally the province of banks, moving into the nonbank sector,” he said, speaking at the National Community Reinvestment Coalition’s Just Economy Conference.