Federal Bank Regulators Release Long-Awaited CRA Modernization Proposal
On May 5, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) released their long-awaited Notice of Proposed Rulemaking (NPR) to modernize the Community Reinvestment Act (CRA) regulations. The FDIC also released a summary of the rule.
The NPR is an important step forward in updating the joint regulatory framework that governs CRA. The updated reform proposal builds on the Federal Reserve’s framework outlined in their 2020 Advance Notice of Proposed rulemaking.
OFN is closely reviewing the NPR and will provide additional information on the proposal in the coming weeks. We will also seek feedback from stakeholders to inform our comments on the proposal which are due by August 5, 2022.
Stay tuned for more updates about how you can advocate for reforms that ensure CRA continues to provide critical capital and investment in underserved communities. For more information on OFN’s CRA advocacy, please contact Dafina Williams, SVP, External Affairs at OFN.