OCC Tag Archives

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 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.

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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.

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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.

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House Uses CRA to Reverse OCC’s CRA Rule

The House of Representatives voted along party lines to pass a resolution of disapproval to nullify the Office of the Comptroller of the Currency’s new rule on Community Reinvestment Act (CRA). The Congressional Review Act of 1996 gives Congress the power to rescind administration rules within 60 calendar days. The bill (H.J. Res 90) would need to be passed by the Senate (with a simple majority) and be signed by the President, both of which seem unlikely to happen.

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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.

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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.

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