On October 26, the Office of the Comptroller of the Currency (OCC) took the unusual step of issuing frequently asked questions (Bulletin 2021-50) about a notice of proposed rulemaking (NPRM) soliciting comments on the proposal to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020. The NPRM, which was published in the Federal Register on September 17, 2021, proposes that the June 2020 CRA rule largely be replaced with the rules adopted jointly by the […]
Tag: CRA
REDLINING IS ERUPTING
On October 22, 2021 redlining hell broke loose. Trustmark – The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ), in cooperation with the Office of the Comptroller of the Currency (OCC), took action today to put an end to alleged redlining by Trustmark National Bank. The CFPB and DOJ allege that Trustmark discriminated against Black and Hispanic neighborhoods by deliberately not marketing, offering, or originating home loans to consumers in majority-Black and […]
OCC UPDATES CRA, FAIR HOUSING AND ECOA POSTERS AND NOTICES
On August 5, 2021, the Office of the Comptroller of the Currency (OCC) published OCC Bulletin 2021-35 which informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations of the appropriate names and addresses for notices required by the Community Reinvestment Act and Equal Credit Opportunity Act, and for posters under the Fair Housing Act. Community Reinvestment Act—Public Notice by Banks 12 CFR 25.30 requires banks to provide the public […]
JOINT AGENCY EFFORT TO IMPROVE CRA
On July 20, 2021, the Federal Reserve Board (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly announced the agencies are committed to working together to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The OCC separately announced it will propose rescinding the CRA final rule issued in May 2020 and is committed to working with the Board and the FDIC to put forward […]
FFIEC PUBLISHES LIST OF DISTRESSED OR UNDERSERVED GEOGRAPHIES
On June 25, 2021, the Federal Financial Institutions Examinations Council (FFIEC) announced the availability of the 2021 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 under the community development definition. As with past releases, the agencies apply a one-year lag period for geographies that were listed in 2020 but are no longer designated as distressed or underserved […]