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Community Reinvestment Act Regulations
Plain English Summary
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are changing their rules for the Community Reinvestment Act. These changes aim to help banks better serve their communities by making it easier for them to provide loans and grants where they are needed most. The updates will also reduce unnecessary paperwork for smaller banks and clarify how they can get credit for their community efforts. Agents should stay informed about these changes as they may impact how banks operate and provide services in their communities.
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The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are proposing to amend their Community Reinvestment Act rules by making certain substantive, technical, and process-oriented changes to refocus on the statutory objective of encouraging banks to meet the credit needs of their communities; to better ensure that community development grants reach the communities they are intended to benefit; to reduce unnecessary burden, particularly for community banks; and to provide greater clarity for how to obtain CRA consideration. The OCC and the FDIC are also proposing certain technical changes to their rules implementing the Community Reinvestment Act sunshine requirements of the Federal Deposit Insurance Act. In addition, the OCC is proposing similar technical changes to its Public Welfare Investments rule and its Rules, Policies, and Procedures for Corporate Activities.