Agencies Update Regulatory Agendas
Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
Browsing: Community Reinvestment Act
ABA, Trade Groups Urge OCC to Formally Withdraw 2020 CRA Rule
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.
Agencies Update FAQs on Coronavirus, CRA Activities
The banking agencies today updated a list of frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
ABA Cautions Against Unilateral Efforts to Reform CRA in Letters to Fed, OCC
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.”
NYDFS: Climate Change Mitigation Activities May Qualify for State CRA Credit
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.
ABA, Trade Groups Call for Interagency CRA Rules
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.
OCC Releases List of Areas Eligible for CRA Credit Under New Framework
The OCC today released the 2021 list of distressed or underserved areas where banks participating in certain revitalization or stabilization activities will be considered for Community Reinvestment Act Credit under the agency’s 2020 final CRA rule.
CDIAC Urges Fed to Proceed with Caution on Non-Traditional Bank Access to Payments System
Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.
ABA, NCRC: Fintech Firms with Bank Charters Should Be Subject to CRA
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.
ABA Urges Withdrawal of CRA Information Collection Survey
The American Bankers Association and a coalition of trade associations yesterday called for the withdrawal of the OCC’s CRA information collection survey.