Federal Deposit Insurance Corporation (FDIC)

General News

OCC Rescinds Trump-Era CRA Rule

The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This decision follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.

General News

Federal Reserve Advances CRA Reform

The Board of Governors of the Federal Reserve System (Federal Reserve) unanimously approved the Advance Notice of Proposed Rulemaking (ANPR) on Community Reinvestment Act (CRA) reform. The ANPR uses a data-driven approach and solicits feedback in several areas. Comments are due 120 days after official publication in the Federal Register. NH&RA is still reviewing the ANPR with plans to submit comments and encourages our members to do so as well.

NH&RA News

Urban Institute: The OCC’s Final CRA Rule Improves Upon the Proposed Rule but Remains Unsatisfactory

The Urban Institute argues that the new CRA regulations suffer from four big problems: (1) There is no evidence of the impact of the new regulations; (2) The primary metric used for assessing CRA compliance neglects community needs; (3) The regulations create a limited and unforgiving test on retail and community development lending, with limited community coverage; and (4) Public data will be lost while bank reporting burdens will increase.

General News

OCC Issues Final CRA Rule

Today the Office of the Comptroller of the Currency (OCC) released its final rule on Community Reinvestment Act (CRA) Regulations and a non-exhaustive list of CRA activities. The Federal Deposit Insurance Corporation (FDIC) declined to join today’s final rule saying in a statement, “While the FDIC strongly supports the efforts to make the CRA rules clearer, more transparent, and less subjective, the agency is not prepared to finalize the CRA proposal at this time.

congress-capitol

OCC, FDIC Plan to Advance CRA Reform Despite Calls to Halt Rulemaking

The Comptroller of the Currency Joseph Otting released a statement a day after the comment period closed on OCC and FDIC’s joint CRA proposed rule, stated the two U.S. banking regulators will consider the submitted comments in working toward issuing a final rule during the first half of this year.

General News

NH&RA Submits Community Reinvestment Act Comments; Comment Period Closes Tonight

NH&RA submitted comments to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation’s (FDIC) proposed rule on Community Reinvestment Act (CRA) regulations. Comments can be submitted through 11:59 pm ET.

General News

OCC Releases CRA Proposed Rule

Last week the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released a proposed rule that would modernize the Community Reinvestment Act (CRA) Regulations. The proposal would overhaul CRA assessment boundaries, criteria for eligible CRA activities, and how banks are scored overall for their performance.