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Fed Publishes ANPR for Modernizing CRA in Federal Register, Beginning Comment Period
The Federal Reserve Board today published in the Federal Register an advance notice of proposed rulemaking (ANPR) for modernizing Community Reinvestment Act (CRA) regulations. The Fed seeks public comment on methods to evaluate how banks meet the needs of low- and moderate-income communities. The Office of the Comptroller of the Currency published final CRA regulations in May and the Fed released its ANPR in September. Publishing the ANPR in the Federal Register begins the 120-day comment period and comments will be accepted on the Fed’s ANPR through Feb. 16, 2021. The LIHTC Working Group, NMTC Working Group and Opportunity Zones Working Group plan to submit comments.
CRA news will be discussed at the Novogradac 2020 Opportunity Zones Fall Virtual Conference Thursday and Friday, the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference Oct. 29-30 and the Novogradac 2020 Tax Credit Housing Virtual Conference, Dec. 3-4.