Community Reinvestment Act (CRA) Reform Update
On May 5, the Federal Reserve Board (Board), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) jointly released a Notice of Proposed Rulemaking (NPR) that would reform the Community Reinvestment Act (CRA) regulations. The CRA seeks to address inequities in access to credit for low- and moderate-income, as well as underserved rural communities. The agencies seek public feedback on the joint proposal and comments are due on or before August 5, 2022.
On Wednesday, May 11, 2022, at 3:00 ET, the agencies will jointly host a special Ask the Regulators/Connecting Communities webinar for all CRA stakeholders that will provide an overview of the proposal and its objectives. Topics will include assessment areas, qualified activities, evaluation approach, ratings, and data collection and reporting. The session will be presented jointly by CRA policy experts from the Board, OCC, and FDIC.