OCC REQUESTS COMMENTS ON CRA REGULATIONS

Wednesday, March 23, 2011 - 8:00am

The Office of the Comptroller of the Currency (OCC)  invited public comments on its information collection related to the Community Reinvestment Act (CRA). The CRA requires the federal banking agencies to assess the record of banks and savings associations in helping to meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations. Each agency must provide written CRA evaluations of the institutions they supervise. In today’s notice, the OCC says the data collection requirements in the CRA regulations are necessary for the agencies to examine, assess and assign a rating to an institution’s CRA performance and to prepare the public section of the written CRA performance evaluation.  The OCC will accept comments until May 23, 2011.