Agencies Release Final Revisions to CRA Questions and Answers

Friday, July 15, 2016 - 9:45am

Federal bank regulatory agencies responsible for Community Reinvestment Act (CRA) rulemaking today published their final revisions to “Interagency Questions and Answers Regarding Community Investment,” which provides guidance on CRA regulations. The new and revised guidance includes information on the availability and effectiveness of retail banking services, innovative or flexible lending practices, community-development-related issues and responsiveness and innovativeness of an institution’s loans, qualified investments and community development services. Updated guidance includes references to CRA eligibility for new markets tax credit (NMTC)-eligible community development entities and low-income housing tax credit (LIHTC) properties, and for the first time specifically discusses giving positive CRA consideration for historic tax credit (HTC) projects.

For more information, tune in to the July 19 episode of the Tax Credit Tuesday podcast.