Recent News

Thursday, August 4, 2022

The Office of the Comptroller of the Currency (OCC) today released a list of 22 Community Reinvestment Act (CRA) performance evaluations made public in July. Seven evaluations were outstanding and 15 were satisfactory. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Monday, July 11, 2022

The Office of the Comptroller of the Currency (OCC) released 18 Community Reinvestment Act (CRA) performance evaluations made public in June–13 of which were satisfactory, five outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Tuesday, June 14, 2022

The proposed global minimum tax and its potential effect on community development tax credit equity investments is the subject of this week’s Novogradac Tax Credit Tuesday podcast episode. Michael Novogradac, CPA, and Novogradac partner Brad Elphick, CPA, discuss the proposal and potential approaches to mitigate the damage to tax credit equity investment. They also examine next steps in the proposal and for community development tax credit stakeholders. Novogradac has also published a white paper on the subject called Pillar Two and Tax Credit Equity Investments and is seeking public comment on the paper. Comments may be sent to [email protected]

The weekly Tax Credit Tuesday podcast offers an in-depth discussion of various tax incentive topics with expert guests.

Monday, June 6, 2022

The Office of the Comptroller of the Currency released a list of 29 Community Reinvestment Act (CRA) evaluations made public in May. Twenty-six evaluations were satisfactory and three were outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Thursday, May 5, 2022

The three major federal bank regulatory agencies today issued a joint notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act (CRA) regulations. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Fed) and Federal Deposit Insurance Corporation (FDIC) jointly issued the proposal, which would be the first significant interagency revision to the CRA since 1995. The proposal would adopt a metrics-based approach to CRA evaluation of retail lending and community development financing that includes public benchmarks. The rule would also clarify eligible CRA activities that are focused on low- and moderate-income, rural and underserved communities, including affordable housing. 

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