The FDIC has held conversations with the Federal Reserve about a proposed series of amendments to Community Reinvestment Act regulations and would welcome the central bank’s participation, FDIC Chairman Travis Hill said.
In July, the FDIC and Office of the Comptroller of the Currency proposed rulemaking to “refocus” CRA enforcement on getting banks to meet the credit needs of their communities. The Federal Reserve did not participate in the rulemaking, a change from when the banking agencies last revised CRA regulations in 2023. That earlier rulemaking was challenged in court and later rescinded.
During a press conference today, Hill said “it is always optimal” for all three banking agencies to be aligned on policy.
“We certainly would like the Fed to come along,” Hill said. “We have had conversations with the Fed. They’ve got their own internal process, so we will let them work through their process. There is certainly openness to the Fed issuing a proposal, whether it is identical or similar or whatever it might be, and then joining up at a final rule stage.”
