Recent News
Joseph Otting, the Comptroller of the Currency, this week sent a letter to Sen. Sherrod Brown, D-Ohio, on Brown’s previous letter concerning Community Reinvestment Act (CRA) modernization. Otting’s letter focused on the process of revisiting CRA rules, but also agreed with Brown’s concern about using a ratio of CRA financing to a bank’s size to determine CRA ratings. Otting also indicated that a notice of proposed rulemaking will come soon.
The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations that became public in October. Of the 37 evaluations made public, 28 were satisfactory, eight were outstanding and one was rated need to improve. The evaluations are of national banks, federal savings associations and insured federal branches of foreign banks.
The Novogradac Opportunity Zones Working Group has submitted letters to the Federal Reserve Board of Governors and to the
Twenty-nine members of Congress last week sent a letter to the heads of the three agencies that oversee the Community Reinvestment Act (CRA), urging them to work with civil rights groups and community groups while updating the CRA. The letter was sent to the heads of the Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).
The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations that became public during September. Of 35 evaluations made public, 21 are satisfactory, 13 are outstanding and one is rated as needs to improve. The list of evaluations contains national banks, federal savings associations and insured federal branches of foreign banks.
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