The federal banking agencies announced today that they will give favorable Community Reinvestment Act consideration to banks for retail banking, retail lending and community development activities related to the coronavirus pandemic.
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As previewed in a speech earlier this year by Federal Reserve Governor Lael Brainard, the Fed today published new Community Reinvestment Act analytics data tables.
Given their extraordinary and unnecessary tax benefit, large credit unions should be held accountable for meeting the needs of the very communities they were created to serve in the first place.
Federal Reserve Chairman Jerome Powell told House lawmakers today that the U.S. financial system is “strong, and has been materially strengthened since the financial crisis.”
During an often contentious hearing before the House Financial Services Committee today, Comptroller of the Currency Joseph Otting defended his agency’s proposed changes to the Community Reinvestment Act regulations.
Federal Reserve Governor Lael Brainard, the agency’s point person for the Community Reinvestment Act modernization process, today outlined the Fed’s approach to revising CRA rules and explained why the Fed did not join the notice of proposed rulemaking issued last month by the OCC and the FDIC.
The federal banking agencies today released 2018 Community Reinvestment Act data on small business, small farm and community development lending. The CRA requires banks with more than $1.25 billion in assets to report data in these areas.
In this bonus episode of the ABA Banking Journal Podcast, senior OCC policy official Grovetta Gardineer digs into the details of the OCC and FDIC’s notice of proposed rulemaking on the Community Reinvestment Act.
The OCC and the FDIC today proposed major changes to the regulations implementing the Community Reinvestment Act.
While the Federal Reserve is unlikely to join the highly anticipated notice of proposed rulemaking to revise the Community Investment Act, Fed Vice Chairman for Supervision Randal Quarles today signaled that the final rulemaking could involve all three agencies.