Updates on CRA Reform: Senate Votes Down CRA Disapproval Bill, Fed’s Proposal Published in Federal Register

On Monday, the Senate voted down a motion to consider the House-passed resolution of disapproval (H.J. Res. 90) to nullify the Office of the Comptroller of the Currency’s new rule on Community Reinvestment Act (CRA). The Congressional Review Act (also CRA) of 1996 gives Congress the power to rescind administration rules within 60 calendar days.

The Federal Reserve’s advanced notice of proposed rulemaking was officially published in the Federal Register. Comments are due by February 16, 2021; NH&RA will submit comments and encourages our members to do so as well. We, along with our partners, will provide a summary of the proposed rule and draft comments.