Acting Comptroller of the Currency Michael Hsu said he “feels the urgency” to modernize the Community Reinvestment Act regulations as soon as possible.
Browsing: CRA compliance
The investment of time and effort on the front end of a CRA cycle can yield notable benefits.
The FDIC said today that 99% of the banks it supervises were rated satisfactory or better for consumer compliance and Community Reinvestment Act compliance, as of the end of 2020.
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.
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.
As the OCC’s revised Community Reinvestment Act rules took effect today, the OCC issued several compliance resources including a small bank compliance guide, an initial illustrative list of qualifying CRA activities and a form that banks and stakeholders can use to request the addition of an item to the list of qualifying activities.
The Federal Reserve today issued an advance notice of proposed rulemaking on updating the agency’s three-decade-old Community Reinvestment Act regulations.
Compliance officers and CRA professionals can leverage the powerful resources in banks across the country to make an impact both now and throughout the extended recovery period from this national emergency.
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.