Where Reform is Happening in 2023: bank merger reviews, ILC loophole, approving credit invisibles
Since the outset of the Biden Administration, policymakers have sought to use this moment to resolve some longstanding problems in financial services. While the CRA and 1071 rulemakings have garnered the most attention, meaningful improvements may also come from work in other areas. In 2021, prudential regulators promised to toughen bank merger reviews. During the 117th Congress, legislators advanced a bill to close the industrial loan company charter loophole. Meanwhile, technological advances may finally address some systemic failures of fraud prevention. Jo Ann Barefoot joins a panel at the NCRC Just Economy Conference to discuss prospects for regulatory reform in 2023.