OTS Reverses Course

Thanks in good part to a change in leadership, the federal Office of Thrift Supervision announced in September that it is reversing its regressive 2005 decision to cut CRA enforcement. Under previous director James Gilleran, the office had allowed thrifts with assets between $250 million and $1 billion to use a weaker CRA test. Previously, this test had only been an option for very small banks. John Reich, the new director, replaced Gilleran in August 2005. (CDFI Coalition)