Proposed changes to Community Reinvestment Act rules
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Table of Contents
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have proposed updates to how they regulate banks under the Community Reinvestment Act (CRA). The CRA is a law that requires banks to help meet the credit needs of the communities where they operate.
Why it matters: These changes would change how banks report their community lending activities and how regulators evaluate them. For many large institutions, this may be a procedural shift, but for smaller community banks, the agencies claim it will reduce the paperwork required for compliance.
Who it affects
- National banks and federal savings associations regulated by the OCC
This is a proposed rule from the OCC and FDIC; readers should consult the Federal Register before relying on these changes as they are not yet final.
Agency: Treasury Department, Comptroller of the Currency, Federal Deposit Insurance Corporation
Source: Federal Register — read the official document