Agencies Issue Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI)…
CFPB: Statement of CFPB Director Chopra on the Notice of Proposed Rulemaking Regarding the CRA
Today, the Board of Directors of the Federal Deposit Insurance Corporation is voting to seek public comment on a Notice of Proposed Rulemaking to update the Community Reinvestment Act framework for certain state-chartered banks.1 I am voting in favor of the Notice of Proposed Rulemaking, particularly because of the potential it holds to assist rural…
ABA: Statement on Joint Agency Community Reinvestment Act Proposal
“America’s banks are in the business of investing in the communities they serve and creating economic opportunity. In that spirit, we welcome today’s joint proposal by the FDIC, the Federal Reserve and the OCC to modernize regulations under the Community Reinvestment Act. We particularly appreciate that the agencies are trying to develop a regulatory framework…
OCC: New Frequently Asked Questions Regarding the Final Rule to Rescind the OCC’s June 2020 CRA Rule Issued
The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about the December 2021 final rule1 to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule).2 The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule…
OCC: Acting Comptroller Discusses CRA Modernization
Acting Comptroller of the Currency Michael J. Hsu today discussed the history of the Community Reinvestment Act (CRA) with the National Community Reinvestment Coalition. His remarks highlighted how a modernized CRA can help address persistent disparities and gaps in wealth and economic opportunities in minority, rural, and other vulnerable communities. Related Links Remarks (PDF) Acting Comptroller…
FDIC: Acting Chairman Gruenberg Announces FDIC Priorities for 2022 Including CRA Modernization
Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg released this morning the following statement and summary of the FDIC’s priorities for the coming year: “The FDIC’s core mission is to maintain stability and public confidence in the U.S. financial system. The FDIC carries out this mission through its responsibilities for deposit insurance, banking…
OCC: Bulletin on Final Rule to Rescind and Replace CRA Rule Issued in 2020 Released
On December 14, 2021, the Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the federal banking agencies in 1995, as amended. The final rule aligns the OCC’s CRA…
OCC: Final Rule Issued to Rescind 2020 Community Reinvestment Act Rule
The Office of the Comptroller of the Currency (OCC) issued a final rule to rescind the June 2020 Community Reinvestment Act (CRA) rule and replace it with a rule based on the rules adopted jointly by the Federal banking agencies in 1995, as amended. This action is intended to facilitate the ongoing interagency work to modernize the…
OCC: Proposal to Rescind 2020 Community Reinvestment Act Rule Issued
The Office of the Comptroller of the Currency (OCC) is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995, as amended. This action facilitates the ongoing interagency work to modernize the CRA regulatory framework…
Federal Reserve: Board Statement on the Community Reinvestment Act
The Federal Reserve Board on Tuesday announced it is committed to working together with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). “We are delighted to work together to develop a joint Notice of Proposed…