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: Acting Comptroller Kicks Off DC REACh
Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch DC REACh, thereby expanding the OCC’s Project REACh efforts to Washington, D.C. The OCC launched Project REACh, or Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights organizations, business, and…
OCC: Improved Mortgage Performance Reported in Third Quarter 2021
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2021. The OCC Mortgage Metrics Report, Third Quarter 2021 showed that 95.6 percent of mortgages included in the report were current and performing at the end of the third quarter…
OCC: Report Shares Risks and Effects of COVID-19 Pandemic on Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021. Banks are weathering the COVID-19 crisis with resilience and satisfactory credit quality and strong earnings, but weak…
OCC: Academic Papers and Research on Climate Risk in Banking and Finance Solicited
The Office of the Comptroller of the Currency (OCC) is soliciting academic-focused papers and policy-focused research on climate risk in banking and finance for presentation to the OCC on June 6-7, 2022. Information presented will inform the OCC’s approach to developing climate-related financial risk management guidance for regulated institutions. The June meeting will provide a…
OCC: First and Second Quarter 2022 CRA Evaluation Schedule Issued
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first and second quarters of 2022. The OCC encourages public comment on the national banks and federal savings associations (collective, banks) scheduled to be evaluated under the CRA. Public comments should…
OCC: Statement Issued to Clairfy Bank Authority to Engage in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks
The Office of the Comptroller of the Currency (OCC) today published a letter confirming that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities. Shortly after taking office, Acting Comptroller Michael J. Hsu announced a review of…
Agencies Issue Joint Statement on Crypto-Asset Policy Initiative and Next Steps
Federal bank regulatory agencies today issued a statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets. In particular, the statement describes the focus of the preliminary work conducted through the sprints undertaken by the agencies. It summarizes the agencies’ plan to provide greater clarity throughout…