Speaking with American Banker the former Comptroller of the Currency, Eugene Ludwig, says that because non-bank lenders are considerably larger today than ever before the Community Reinvestment Act is only dealing with a portion of the financial community; at the same time there should be more thought put in to reducing the compliance burden for both banks and non-banks; it is important that CRA reform take into account the national scope of financial companies today as many banks and non-banks become less focused on having a physical presence; Ludwig says that congressional action is needed here and if we include non-banks then regulators other than the OCC should be responsible for oversight and enforcement; there are also good reasons for expanding CRA beyond lending as we try to come together and address our social and economic problems. American Banker.
