OCC Seeks Bank-Specific Data to Inform CRA Revamp

Now that the OCC and FDIC have formally issued their proposal to modernize Community Reinvestment Act rules, the OCC is requesting public input and bank-specific data to help determine how the proposal might be revised to achieve CRA’s purpose.

While the agencies analyzed currently available historical data to develop their proposed rule—including Home Mortgage Disclosure Act, Call Report and credit bureau data—the OCC is seeking to supplement the analysis with bank-specific data on retail domestic deposit activities, CRA-qualifying activities and retail loans originated and sold within 90 days, among others, over the past three years. The request for information includes specifics about the data being requested. The OCC requested the data by March 10.