On February 7, 2022, FDIC Acting Chairman Martin J. Gruenberg released a statement of the FDIC’s priorities for the coming year. Among other items, the list includes:
- Strengthen Community Reinvestment Act (CRA): The federal banking agencies – the Federal Reserve, the Comptroller of the Currency, and the FDIC – have been working on a major revision of the rule implementing CRA. CRA requires banks to meet the credit needs of all the communities they serve, including low- and moderate-income communities. The agencies plan to act jointly on a notice of proposed rulemaking in the near future that would strengthen and enhance CRA. Action on a revision of CRA will be the top priority of the FDIC.
- Address Financial Risks Posed by Climate Change: Addressing the financial risks that climate change poses to banking organizations and the financial system will also be a top priority of the FDIC. This will include seeking public comment on guidance designed to help banks prudently manage these risks, establishing an FDIC interdivisional, interdisciplinary working group on climate-related financial risks, and joining the international Network of Central Banks and Supervisors for Greening the Financial System.
- Evaluate Crypto-Asset Risks: The rapid introduction of a variety of crypto-asset or digital asset products into the financial system could pose significant safety and soundness and financial system risks. It is imperative that the federal banking agencies carefully consider the risks posed by these products and determine the extent to which banking organizations can safely engage in crypto-asset-related activities. To the extent such activities can be conducted in a safe and sound manner, the agencies will need to provide robust guidance to the banking industry on the management of prudential and consumer protection risks raised by crypto-asset activities.