Anti-Redlining Revamp Best Left for ‘Peacetime,’ FDIC Chair Says

The FDIC won’t join a fellow banking regulator in revamping anti-redlining rules as long as the Covid-19 pandemic continues, the agency’s chairman Jelena McWilliams said Friday.

Potential revisions to Community Reinvestment Act rules are better suited for “peacetime, when things are calm, the economy’s doing well,” McWilliams told Bloomberg Law after speaking at a virtual conference on the role of regulation in financial health.

The Office of the Comptroller of the Currency completed rules May 20 that change how banks are assessed on their lending to low- and moderate income communities. The Federal Deposit Insurance Corp. had been part of ...