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.
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.
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 OCC today proposed its approach to determining Community Reinvestment Act evaluation measure benchmarks, retail lending distribution test thresholds and community development minimums under the new general performance standards outlined in the CRA final rule issued earlier this year.
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.