OCC: FDIC and OCC Propose to Modernize CRA Regulations
The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) today announced a proposal to modernize the agencies’ regulations under the Community Reinvestment Act (CRA) that have not been substantively updated for nearly 25 years. The proposed rules are intended to increase bank activity in low- and moderate-income communities…
OCC: Key Risks Highlighted for Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported operational, credit, and interest rate risks are among the key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2019. Highlights from the report include: Operational risk is elevated as banks adapt to a changing and increasingly complex operating environment. Key…
OCC: CRA Evaluations for 22 National Banks and Federal Savings Associations Released
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2019 through November 30, 2019. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The…
CFPB: Federal Regulators Issue Joint Statement on the Use of Alternative Data in Credit Underwriting
Five Federal financial regulatory agencies today issued a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The statement from the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency…
OCC: First and Second Quarter 2020 CRA Evaluation Schedule Released
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 quarter and second quarter 2020. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public comments should be submitted…
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…
OCC: Comptroller of the Currency Discusses Community Reinvestment, Honored for His Community Service
Comptroller of the Currency Joseph Otting today discussed community reinvestment and service during remarks at National Asian American Coalition’s (NAAC) 16th Annual Economic Development Conference. During his comments, Comptroller Otting highlighted the importance of modernizing the regulatory framework implementing the Community Reinvestment Act (CRA). “Since 1977, the CRA has steered trillions of dollars in investment, lending, and…