Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed sweeping reforms to the CRA regulations that could significantly alter how regulators assess the banking industry’s community development activities and impact the availability of credit in low- and moderate-income communities.
The 240-page Notice of Proposed Rulemaking (NPR) is detailed and complex. OFN posted an initial assessment of the proposed rule in a recent blog post. In addition, several organizations have shared helpful summaries of the NPR, which OFN has compiled below:
National Community Reinvestment Coalition: Initial NCRC Analysis Of The FDIC And OCC Notice Of Proposed Rulemaking Concerning The Community Reinvestment Act
American Bankers Association: ABA Staff Analysis©: FDIC/OCC CRA Proposed Rule
Covington Financial Services: The Community Reinvestment Act Proposal: Ten Things To Know
The NPR was officially published in the Federal Register on January 9, 2020. Comments are due to the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) by March 9, 2020. Over the next couple of months, OFN will be working closely with our members and ally organizations to develop our response to the proposal and to advocate for continued strong enforcement of the CRA.