House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) promised to subpoena the data used to develop the Office of the Comptroller of the Currency’s proposed rewrite of the Community Reinvestment Act, if the agency doesn’t provide it willingly, MorningConsult.com reported. In a contentious hearing yesterday morning, Waters clashed with Comptroller of the Currency Joseph Otting over the anti-redlining legislation. The OCC and the Federal Deposit Insurance Corp. last month released a proposal to revamp the law, which consumer groups worry will take away protections. Rep. Nydia Velázquez (D-N.Y.) asked Otting at the hearing if he would release the data used to craft the proposal, which Otting has argued is confidential information. Otting said that’s not something the agency would make available for public distribution. Waters, chiming in, said the committee would subpoena the information since she doesn’t expect cooperation from Otting and the OCC. Read more.
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