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OCC Releases Advanced Notice of Proposed Rulemaking on CRA Modernization
The Office of the Comptroller of the Currency (OCC) today released an advanced notice of proposed rulemaking on modernizing the Community Reinvestment Act (CRA) to be published in the Federal Register. The OCC seeks stakeholder comments on ways to modernize CRA regulations to better achieve the CRA’s purpose. Included are questions about increasing lending and services in areas that need it the most, clarifying and expanding the types of activities eligible for CRA consideration, revisiting how assessment areas are defined and used, establishing metric-based thresholds for CRA ratings and more. Revisions to CRA regulations could affect equity pricing and demand for low-income housing tax credits and new markets tax credits. Comments will be accepted for 75 days after the notice is published in the Federal Register.