INTERAGENCY CRA GUIDANCE UPDATED
The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC) and Office of Thrift Supervision (OTS) yesterday announced the publication of new and revised Interagency Questions and Answers Regarding Community Reinvestment. The questions and answers interpret the agencies’ Community Reinvestment Act (CRA) regulations and provide guidance to financial institutions and the public. The agencies proposed the questions and answers on July 11, 2007. After considering the comments, the agencies adopted the majority of the questions and answers as they were proposed or with revisions in response to the comments. In addition, they are proposing for comment one new and two revised questions and answers. Comments on the proposed provisions are due by March 9, 2009. For more information on the CRA, including these questions and answers and the agencies’ CRA regulations, visit the CRA Resource Center.