In an American banker op-ed today, ABA President and CEO Rob Nichols and National Community Reinvestment Coalition CEO Jesse Van Tol expressed opposition to moves by the OCC to grant banking charters to fintech firms that would allow them access to the banking system while circumventing many of the rules and regulations that banks are required to adhere to, such as the Community Reinvestment Act regulations.
The American Bankers Association and a coalition of trade associations yesterday called for the withdrawal of the OCC’s CRA information collection survey.
The federal banking agencies today released 2019 Community Reinvestment Act data on small business, small farm and community development lending.
The FDIC would like to see a consistent interagency approach to Community Reinvestment Act rules, FDIC Chairman Jelena McWilliams said today during ABA’s Unconventional Convention.
Speaking to the National Bankers Association, Federal Reserve Governor Lael Brainard today highlighted four new provisions specific to minority depository institutions in the Fed’s recent Community Reinvestment Act modernization proposal.
The Federal Reserve today issued an advance notice of proposed rulemaking on updating the agency’s three-decade-old Community Reinvestment Act regulations.
The Community Reinvestment Act should be expanded to cover credit unions, other nonbank lenders and insurers, according to the National Community Reinvestment Coalition.
The OCC expects to propose the benchmarking framework it will use to assess Community Reinvestment Act performance within the next four to six weeks, Acting Comptroller of the Currency Brian Brooks said in keynote remarks at ABA’s Risk and Compliance Virtual Conference today.
…and other answers to your compliance questions in the July/August 2020 ABA Regulatory Policy and Compliance Inbox.
Provisions of OCC final rule will make CRA examination more consistent and predictable and have enjoyed widespread support. Other portions of the rule have been met with skepticism, and much work remains for all agencies.