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.