Bonus Podcast: Understanding the CRA Modernization Process

On a bonus episode of the ABA Banking Journal Podcast, ABA VP Krista Shonk outlines the process for modernizing Community Reinvestment Act regulations and how bankers can get involved. Shonk provides a detailed analysis of what’s in the OCC’s August advance notice of proposed rulemaking, including questions about ways the banking agencies can encourage more lending in areas that need it, clarify the types of activities that receive positive CRA consideration, update the assessment area concept and measure bank performance with a metric-based approach.

Shonk also explains that the OCC will share public comments on the ANPR with the other banking agencies, informing the interagency process of modernizing CRA rules. For that reason, she encourages all banks — regardless of whether the OCC supervises them — to send a comment letter by Nov. 19. Shonk provides tips on writing a comment letter and describes ABA’s resources to help banks understand the process. Learn more at aba.com/ModernizingCRA.

If you can’t see the audio player above, click here to listen to this bonus episode.

In this episode:

Krista Shonk
VP, Regulatory Compliance
ABA

Evan Sparks
Editor-in-Chief
ABA Banking Journal