by Jeff Sovern
The Wall Street Journal has the story here. Previously the grade had been outstanding. The other three giant US banks retain ratings of outstanding. Two thoughts: If JP Morgan Chase undertakes new lending to improve its rating, that will say something about the importance of the Community Reinvestment Act in spurring banks to act. And second, this may be more evidence that the Office of the Comptroller of the Currency (now led by Thomas Curry) under the Obama administration is more protective of consumers than under earlier administrations.
When Mr. Curry disavows the despicable “pre-emption opinion” issued by the OCC AND aggressivly complies with Dodd-Frank, he will have earned approval for aiding consumers ( and doing his job.
Until then he is continuing the old practice to frolic with the Big Banks compliantly and giving him a free pass is lousy journalism