In order to better align with how the nation and the banking industry have changed, on May 5th 2022 the federal bank regulatory agencies overhauled the Community Reinvestment Act (CRA) and jointly issued a proposal to strengthen and modernize regulations implementing the CRA. During the comment period on the 619-page proposal, which ended August 5th, 2022, the agencies received 567 responses and the industry’s reactions were both positive and negative. Considering that it has been […]
Tag: CRA
2023 CRA ASSET-SIZE THRESHOLDS
On December 19, 2022, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2023 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is a measure of inflation. As a result of the 8.60 percent increase […]
OCC PUBLISHES CRA INFOGRAPHICS
The Office of the Comptroller of the Currency (OCC) has published a series of infographics to assist banks in understanding the requirements of the proposed interagency CRA rules. The proposed rules are an interagency effort. While the infographics come from the OCC, all banks, regardless of prudential regulator, will benefit from the information. The CRA NPR Infographics include: CRA Fact Sheet; Small Banks; Intermediate Banks; Large Banks; Wholesale or Limited Purpose Banks; and Large and […]
FFIEC UPDATES LIST OF DISTRESSED OR UNDERSERVED GEOGRAPHIES
On July 1, 2022 the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the availability of the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Revitalization or stabilization activities in these geographies are eligible to […]
SMALL BUSINESS LENDING RULE DELAYED
On June 27, 2022, the Office of Management and Budget published the Spring 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Agenda breaks down rules from over 60 federal departments, agencies, and commissions. In the list of actions from the Consumer Financial Protection Bureau (CFPB) is an announcement that the final rule for Small Business Lending Data Collection Under the Equal Credit Opportunity Act is not expected until March 2023. The rule will […]