As expected, the OCC today formally proposed to rescind the OCC’s 2020 Community Reinvestment Act rule with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC.
The investment of time and effort on the front end of a CRA cycle can yield notable benefits.
Testifying before the Senate Banking Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC has aggressive internal timelines for working with the Federal Reserve and FDIC to put forward a joint rulemaking that strengthens and modernizes the Community Reinvestment Act.
Acting Comptroller of the Currency Michael Hsu today announced that his agency will propose to rescind changes to the Community Reinvestment Act regulations that were finalized in May 2020, and signaled the OCC’s intent to work together with the Federal Reserve and the FDIC on a separate joint rulemaking to overhaul the CRA framework.
Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
The American Bankers Association and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.
The banking agencies today updated a list of frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
As the Federal Reserve contemplates updates to its Community Reinvestment Act regulations, the American Bankers Association emphasized the importance of working closely with the FDIC and OCC to “craft a modern regulatory framework that can be adopted by all three agencies.”
In a letter to industry earlier this week, the New York Department of Financial Services confirmed that banks may receive credit under New York’s state-level Community Reinvestment Act for certain activities intended to address and mitigate the effects of climate change.
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.