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Warren W. Traiger quoted in Wall Street Journal article, “Shake-up considered on how banks lend to the poor”

Wall Street Journal

Warren W. Traiger

Warren W. Traiger was quoted on April 27, 2018 in a Wall Street Journal article, “Shake-up considered on how banks lend to the poor,” which examined the suggested rule change by the Office of the Comptroller of the Currency that would encourage banks in certain locations to lend to the poor. The article stated, “The law is designed to ensure bankers lend to borrowers of all income levels in the communities where they operate. Both bankers and community advocates agree the rules enforcing it are outdated in a world in which much financial activity happens online. In recent weeks, the comptroller’s office sent the Federal Reserve and Federal Deposit Insurance Corp., two other regulators that enforce the law, a draft document soliciting public input on potential rule changes, the people familiar with the matter said. The draft includes the idea of eliminating assessment areas in favor of a broader definition of banks’ customer base, they said. Even if the three agencies agree to seek comment on the OCC’s idea, regulators say they want to solicit at least two rounds of feedback, which can include written comments from banks and members of the public, before finalizing any rule changes.”

Traiger added, ”We are a ways away from new regulations. I don’t see anything being finalized this year.”

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