Testifying before the House Financial Services Committee this morning, Federal Reserve Vice Chairman for Supervision Randal Quarles outlined several ways in which the Fed has already or is in the process of tailoring the post-crisis regulatory framework to promote efficiency, transparency and simplicity.
As bank regulators work toward modernizing the Community Reinvestment Act — with an advance notice of proposed rulemaking expected from regulatory agencies in the days ahead — the Treasury Department today issued a formal memorandum to the agencies highlighting several recommendations for updating and improving administration of the 40-year-old law.
The Federal Reserve is looking at revising both Community Reinvestment Act regulations and the way the agency examines for CRA compliance, Fed Vice Chairman for Supervision Randal Quarles said today.
The Government Accountability Office last week released a report outlining recommendations to further incentivize financial institutions to provide banking services and small-dollar consumer loans in low- to moderate-income communities, including extending CRA to credit unions.
A delegation of 15 ABA member bankers met with senior OCC staffers on Tuesday to present ideas for modernizing the regulations that implement the four-decade-old Community Reinvestment Act.
The OCC will formally seek public input on ways to improve Community Reinvestment Act regulations in the next 30 days, Comptroller of the Currency Joseph Otting said today.
As part of ABA’s long-term engagement with the Treasury Department and financial regulators on the Community Reinvestment Act, the association today sent a white paper to Treasury with several recommendations for modernizing the regulatory approach to CRA.
The federal banking agencies today released 2016 Community Reinvestment Act Data on small business, small farm and community development lending.
The federal banking agencies today finalized minor amendments to their respective Community Reinvestment Act regulations to address recent changes to Regulation C, which implements the Home Mortgage Disclosure Act.
The OCC today issued a revised policies and procedures manual spelling out its approach to licensing applications from banks that have non-satisfactory Community Reinvestment Act ratings, either overall or in a particular geographic region.