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The Office of the Comptroller of the Currency announced this week that it will propose rescinding its 2020 Community Reinvestment Act (CRA) rule and will work with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) to modernize CRA regulations. The three agencies oversee regulations concerning the CRA. An interagency statement said they will work jointly to “strengthen and modernize regulations implementing” the CRA.
The Office of the Comptroller of the Currency (OCC) released a list of 16 Community Reinvestment Act (CRA) performance evaluations that became public in June. Eleven ratings were satisfactory and five were outstanding. The rankings are for national banks, federal savings associations and insured federal branches of foreign banks.
The board of governors of the Federal Reserve System (Fed) and Federal Deposit Insurance Corporation (FDIC) released the list of distressed or underserved nonmetropolitan middle-income geographies for 2021, which makes revitalization or stabilization activities in those areas eligible for Community Reinvestment Act (CRA) consideration. The designations reflect local economic conditions, including unemployment, poverty and population changes. The Fed and FDIC continue to apply a one-year lag period for areas listed in 2020 that are no longer designated as distressed or underserved, making revitalization or stabilization activities in those geographies eligible for CRA condensation for 12 months after the publication of the current list.
The Office of the Comptroller of the Currency released a list of 18 Community Reinvestment Act (CRA) performance evaluations made public in May. Eleven were rated satisfactory and seven were outstanding. The list contains national banks, federal savings associations and insured federal branches of foreign banks.
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today published a statement that extends for 36 months the period for favorable Community Reinvestment Act (CRA) regulation consideration for bank activities that help revitalize or stabilize disaster areas in Puerto Rico and the U.S. Virgin Islands hit by Hurricane Maria. The extension now lasts through Sept. 20, 2023, and applies to institutions located outside of the areas.
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