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Browsing: Community Reinvestment Act
The FDIC is updating examiner instructions to help strengthen minority depository institutions, FDIC Chairman Jelena McWilliams said today in Washington.
Acknowledging banks’ innovative efforts to meet the credit needs of residents in distressed communities, the OCC today rescinded 2017 guidance for banks seeking to develop programs to offer home loans with loan-to-value ratios of over 90 percent, known as “higher-LTV” loans.
Bankers and community groups agree on several areas of possible Community Reinvestment Act regulatory reforms, according to a summary of several roundtable meetings released by the Federal Reserve today.
The federal banking agencies expect to issue a notice of proposed rulemaking to revise their Community Reinvestment Act regulations by the end of summer, Senior Deputy Comptroller of the Currency for Supervision Grovetta Gardineer said today at the American Bankers Association’s Regulatory Compliance Conference.
In remarks yesterday at a meeting of community development bankers, FDIC Chairman Jelena McWilliams highlighted several ongoing initiatives at the agency to strengthen and sustain the nation’s community banks, including the highly anticipated reform of the Community Reinvestment Act regulations.
Issues of capital and profitability are key themes in the FDIC’s interactions with fintech companies seeking banking charters, FDIC Chairman Jelena McWilliams said today.
As financial regulators continue their review of the Community Reinvestment Act regulations, Federal Reserve Governor Lael Brainard today said that they are considering making adjustments to the assessment area definition that would allow banks to receive CRA consideration for community developments in a more expansive area.
Speaking at a research symposium in Philadelphia today, Federal Reserve Governor Lael Brainard said that there is “general agreement” among stakeholders on the need to update the Community Reinvestment Act regulations.