As federal regulators continue their ongoing effort to update the Community Reinvestment Act regulations, an op-ed penned by ABA President and CEO Rob Nichols in The Hill today advocates for commonsense reforms that would better align the decades-old statute with the modern banking landscape.
The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.
As the federal banking agencies work together on plans to revise the Community Reinvestment Act regulations and supervisory framework, Federal Reserve Governor Lael Brainard articulated several “outcomes that we will work toward” that align closely with ABA’s advocacy on CRA reform.
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.
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.
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.
On Thursday, ABA staff met with senior Treasury Department officials to provide recommendations for modernizing the Community Reinvestment Act.