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…
OCC: First Anniversary of Project REACh Celebrated
Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated a great deal of excitement and made great strides in its first…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment…
OCC: Organizational Changes Announced
The Office of the Comptroller of the Currency (OCC) today announced structural changes intended to enhance the agency’s efficiency and effectiveness. “The changes announced today will improve collaboration, alignment, and engagement within the agency,” said Acting Comptroller of the Currency Michael J. Hsu. The agency is realigning its Economics, Supervision System and Analytical Support, and…
OCC: New Report Indicates Mortgage Performance Declined in First Quarter 2021
The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system declined during the first quarter of 2021. The OCC Mortgage Metrics Report, First Quarter 2021 showed that 94.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule
Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. This follows similar action taken…
FFIEC: 2020 Data on Mortgage Lending Availability Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…