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CRA Sunshine Regs
Regulations to implement CRA in the Sunshine should be out before the end of May, 2000. They are likely to contain several highly controversial proposals. Several important issues - what constitutes a covered agreement and what constitutes a CRA contact will be put out for public comment.
Also a hot question will be the scope of what agreements should be covered - whether the agreement should be only one reached in the context of a bank application or whether it should include anything concerning CRA, a significantly broader test.
The agencies expect a variety of comments and points of view from banks and community groups. If banks don't comment, other views will carry the day.
Copyright © 2000 Compliance Action. Originally appeared in Compliance Action, Vol. 5, No. 5, 5/00
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