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Comments due on Fed's CRA ANPR

02/16/2021
Status: 

The Federal Reserve Board announced Monday an Advance Notice of Proposed Rulemaking inviting public comment on an approach to modernize the regulations that implement the Community Reinvestment Act by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR seeks feedback on ways to evaluate how banks meet the needs of low- and moderate-income (LMI) communities and address inequities in credit access.

Board Chair Jerome H. Powell said, "By releasing a thoughtful and balanced ANPR and providing a long period for comment, the Federal Reserve is hoping to build a foundation for the banking agencies to come together on a consistent approach to CRA that has the broad support of the intended beneficiaries as well as banks of different sizes and business models."

The Office of the Comptroller of the Currency published a final rule to modernize its CRA regulations on June 5, 2020, with an October 1, 2020, effective date (but a compliance date of January 1, 2023). The FDIC did not join the OCC in issuing a final rule at that time, although the OCC and FDIC had jointly issued a proposal.

The Federal Reserve said its proposal will have a 120-day comment period starting when it is published in the Federal Register.

PUBLICATION UPDATE: Published at 85 FR 66410 on October 19, 2020. Comments are due by February 16, 2021.

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