A delegation of 15 American Bankers Association member bankers met with senior OCC staffers on Tuesday to present ideas for modernizing the regulations that implement the four-decade-old Community Reinvestment Act. The ideas reflected recommendations previously made in the white paper on CRA reform that ABA issued in December — with a focus on recognizing the full spectrum of community investment work by banks and ensuring that CRA rules do not impose inadvertent burdens on such work. The participating banks represented a wide variety of asset sizes and business models.
In recent months, the OCC has taken the lead on updating the decades-old regulatory and supervisory framework for CRA. As part of this initiative, the agency expects to issue a formal request for public input soon. For more information, contact ABA’s Krista Shonk.