Regulatory Alerts2020-01-09 | 2019-27940Added · Updated
Community Reinvestment Act Regulations
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation propose modernizing Community Reinvestment Act regulations to encourage banks to provide billions more annually in qualified lending, investment, and services. The proposed rule aims to make the regulatory framework more objective, transparent, consistent, and easy to understand by clarifying qualifying activities, updating assessment areas, and improving data collection methods. This joint notice of proposed rulemaking seeks public comment on changes designed to better achieve the statutory purpose of encouraging banks to serve their communities, including low- and moderate-income neighborhoods.