Interagency Statement on Community Reinvestment Act Joint Agency Action
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a…
OCC: Statement on Rescinding the 2020 CRA Rule
The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens and modernizes the CRA. This…
ABA: Statement on Joint Agency Effort to Modernize CRA Rules
“We welcome today’s proposal by the OCC to rescind the final rule modernizing the agency’s regulations under the Community Reinvestment Act. We firmly believe that there is a need to update and modernize the CRA rules to reflect today’s modern banking system and the needs of communities, but those rules must be consistent across all…
OCC: Implementation of June 2020 CRA Final Rule Being Reconsidered
The Office of the Comptroller of the Currency (OCC) published in the Federal Register on June 5, 2020, a final rule (June 2020 rule) to modernize the agency’s regulations under the Community Reinvestment Act (CRA). The OCC has determined that it will reconsider the June 2020 rule. While this reconsideration is ongoing, the OCC will not object…
Federal Reserve: Speech by Governor Brainard on Modernizing and Strenghening CRA Regulations
At the Consumer Bankers Association Community Reinvestment Act Committee Meeting Good afternoon and thank you for inviting me to take part in the Consumer Bankers Association’s (CBA’s) Community Reinvestment Act (CRA) Committee meeting. The CRA officers and teams at your institutions play an important role in identifying community priorities and building partnerships with stakeholders to…
Federal Reserve: Speech by Governor Brainard on Modernizing and Strengthening CRA Regulations
At The Chicago Community Trust, Chicago, Illinois Good morning. I want to thank Dr. Helene Gayle for inviting me to join this conversation, along with the staff, grantees, and partners of the Chicago Community Trust and President Charlie Evans of the Federal Reserve Bank of Chicago. I appreciate the opportunity to discuss economic inclusion and…
OCC: Proposed Rule Issued Regarding the CRA General Performance Standards
The Office of the Comptroller of the Currency (OCC) today invited comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to serve the…
Federal Reserve: Webinar Scheduled for December 16th on Proposal to Modernize CRA
Every community deserves the opportunity to thrive. Our economy depends on it. Modernizing the Community Reinvestment Act (CRA) is an opportunity to address systemic barriers to credit and financial services that continue to hold many communities back. Join us on 12/16 at 10:00 a.m. PT to learn about the Fed’s proposed changes and how you can…