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 […]
Category: CRA
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 […]
CRA THRESHOLD ADJUSTMENT
On December 30, 2019 the OCC, the Board, and the FDIC (collectively the Agencies) amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ” small bank” or “small savings association” and “intermediate small bank” or “intermediate small savings association.” As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change to the Consumer Price Index for Urban Wage Earners and Clerical […]
CRA PROPOSAL
On December 12, 2019 the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) announced a proposal to modernize the 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 where there is significant need for credit, more responsible lending, greater access to banking services, and improvements to […]