On March 19, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) published a Joint Statement of Policy (SOP) promising favorable consideration of retail banking services and retail lending activities in a financial institution’s assessment areas that are responsive to the needs of low- and moderate-income individuals, small businesses, and small farms affected […]
Category: CRA
SO WHERE IS CRA HEADED NOW?
News has been leaking all week, now it is official: The Office of the Comptroller of the Currency (OCC) is publishing a final Community Reinvestment Act (CRA) rule today; Comptroller of the Currency Joseph Otting is resigning tomorrow; and The Federal Deposit Insurance Corporation is not joining the final CRA rule at this time. That leaves many unanswered questions, including what happens next to CRA?
CRA CONSIDERATIONS FOR CORONAVIRUS ACTIVITIES
On March 19, 2020 the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement of policy regarding CRA Considerations for Coronavirus Activities. The Agencies recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. The agencies recognize that such efforts—when […]
CRA PROPOSAL COMMENT PERIOD EXTENDED
On February 19,2020, the OCC and FDIC announced a 30-day extension of the comment period for the proposed changes for the CRA regulation. The new comment deadline will be April 8th.
AGENCY CRA MANEUVERS
There has been recent activity on the proposed Community Reinvestment Act (CRA) regulations, but it is not clear whether the process is moving in a positive direction or not. Brainard Explains FRB Position The Federal Reserve Board (FRB) decided not to join the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Company (FDIC) in issuing the proposed revisions to the CRA regulations. On January 8, 2020 FRB Governor Lael Brainard […]