Policy Alert: Notice of Proposed Rulemaking Announced for Community Reinvestment Act
May 6, 2022
The agencies' objectives include updating the CRA regulations to strengthen the achievement of the core purpose of the statue, and to adapt to changes in the banking industry, including the expanded role of mobile and online banking. The notice also includes that the agencies are proposing a new definition of qualifying activities in "Native Land Areas". This new definition can be found on pages 96-103 of the Federal Register Notice The OCC, Federal Reserve Board, and FDIC will be hosting a webinar to provide an overview of the notice next week on Wednesday, May 11th 3:00 PM Eastern Time.
The deadline for submitting comments on the rulemaking is August 5th, 2022. The Board previously published for public comment an advance notice of proposed rulemaking (ANPR) in September 2020 to solicit public input regarding updating the Board's CRA regulatory and supervisory framework.
Federal Reserve Board Announcement
Federal Register Notice
Proposed Rulemaking Factsheet
September 2020 Meeting Agenda and Information
Necessity of CRA Reform by Governor Brainard
Community Reinvestment Act Notice Webinar
For any other questions or concerns, please contact Nicholas Lovesee, Senior Policy Advisor, at Nicholas@nafoa.org.