Agencies propose highly anticipated CRA overhaul
The Federal Reserve, FDIC and OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act.
Browsing: CRA modernization
FDIC’s Gruenberg Flags Shift in Agency’s 2022 To-Do List
Following the departure of Jelena McWilliams from the FDIC, Acting Chairman Martin Gruenberg today outlined his agency’s shift in priorities for the year ahead.
Jelena McWilliams on Her Legacy at the FDIC
As the FDIC chief prepared to resign before her term was up, she discussed the agency’s progress on innovation, financial inclusion and more.
Podcast: Exit Interview with Jelena McWilliams, Part 2
McWilliams discusses several policy aspects of her tenure at the FDIC, including climate risk, small-dollar lending, CRA reform and the Mission-Driven Bank Fund.
ABA Asks OCC to Minimize Burden on Banks During CRA Regulatory Transition
The American Bankers Association urged the OCC today to minimize the burden and confusion for banks that would result if the agency were to rescind its 2020 Community Reinvestment Act rule and replace it with rules the agency adopted jointly with the Federal Reserve and the FDIC in 1995.
OCC Issues FAQs on Proposed Rule to Rescind 2020 CRA Regulations
The OCC today issued a set of frequently asked questions on its notice of proposed rulemaking to rescind its 2020 Community Reinvestment Act rule and replace it with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC.
OCC’s Hsu: Improving CRA Is Urgent
Acting Comptroller of the Currency Michael Hsu said he “feels the urgency” to modernize the Community Reinvestment Act regulations as soon as possible.
OCC Formally Proposes to Rescind 2020 CRA Rules
As expected, the OCC today formally proposed to rescind the OCC’s 2020 Community Reinvestment Act rule with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC.
OCC’s Hsu Says CRA Modernization on ‘Aggressive Timeline’
Testifying before the Senate Banking Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC has aggressive internal timelines for working with the Federal Reserve and FDIC to put forward a joint rulemaking that strengthens and modernizes the Community Reinvestment Act.
Agencies Signal Joint Community Reinvestment Act Overhaul to Come
Acting Comptroller of the Currency Michael Hsu today announced that his agency will propose to rescind changes to the Community Reinvestment Act regulations that were finalized in May 2020, and signaled the OCC’s intent to work together with the Federal Reserve and the FDIC on a separate joint rulemaking to overhaul the CRA framework.