The American Bankers Association and a coalition of trade associations yesterday called for the OCC to withdraw its 2020 Community Reinvestment Act rule and instead pursue a joint CRA rulemaking with the Federal Reserve and the FDIC. In a letter to the agency, the groups wrote that interagency rules that result in coordinated CRA policy will provide greater benefits to consumers and communities than a regulatory framework that is not aligned.
The groups also urged the OCC to withdraw its CRA information collection survey in the spirit of the Biden Administration’s Jan. 20, regulatory freeze memo and “the unavailability of the data that OCC seeks to collect.” They pointed out that there are significant gaps between the data requested and the historical data that banks have—or in many cases will need to construct—adding that “banks lack data on how activities that will qualify for CRA consideration under the OCC’s new framework will factor into existing datasets.”
