CRA Modernization

ABA: Statement on Joint Release of Proposed CRA Rule

“We welcome the joint proposal from the OCC and FDIC to modernize Community Reinvestment Act regulations. We believe that updating these rules to reflect the reality of financial services today can enhance banks’ ability to invest in their communities and achieve the laudable goals of CRA. We thank Comptroller Otting, Chairman McWilliams and their staffs…

December 12, 2019 Regulatory Updates

ABA: Otting, McWilliams Discuss Next Steps on CRA Modernization Effort

Comptroller of the Currency Joseph Otting is moving forward with issuing a long-awaited notice of proposed rulemaking that would modernize how the agency evaluates banks’ Community Reinvestment Act performance, he said today. Otting said he expects to issue the NPR by the end of 2019 with a 60-day comment period and hopes to have the…

November 20, 2019 Regulatory Updates

FDIC: Banker Feedback Helps Focus FDIC Efforts to Better Address Their Needs

Over the past year, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams has been meeting with local bankers, state supervisors, and consumer groups to obtain feedback on many important topics, including: the needs of their local communities, the FDIC’s regulatory approach, and ideas to promote economic inclusion. At a speech today before the Community Development…

June 4, 2019 Industry News

Treasury Department: Community Reinvestment Act Modernization Recommendations Released

Today the U.S. Department of the Treasury released recommendations to modernize the Community Reinvestment Act (CRA). The recommendations were issued to the primary CRA regulators, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation.  Treasury’s objective in developing these recommendations is to better align CRA activity…

April 3, 2018 Regulatory Updates