The federal bank and thrift regulatory agencies — including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision — recently announced a series of upcoming public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA).  The hearings intend to address geographic coverage; performance tests, asset thresholds and designations; affiliate activities; community development; ratings and incentives; and disclosures and performance evaluations.  The planned hearing dates are:

  • July 19, 2010, Arlington, Virginia;
  • August 6, 2010, Atlanta, Georgia;
  • August 12, 2010, Chicago, Illinois; and
  • August 17, 2010, Los Angeles, California.

Separately, the agencies have announced that they are proposing a change to the CRA rules to encourage depository institutions to support the Neighborhood Stabilization Program.

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