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Wednesday, February 7, 2018

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during January. Fifteen evaluations were satisfactory and one was outstanding. The list contains only national banks, federal savings associations and insured federal branches of foreign banks.

Thursday, January 25, 2018

Federal banking regulatory agencies announced today that financial institutions located anywhere in the United States may receive favorable Community Reinvestment Act consideration for bank activities that help revitalize and stabilize major disaster areas in the U.S. Virgin Islands and Puerto Rico that were affected by Hurricane Maria.

Thursday, January 4, 2018

The Office of the Comptroller of the Currency (OCC) today released a list of 15 Community Reinvestment Act (CRA) performance evaluations that became public during December. Fourteen evaluations were satisfactory and one was rated as needs to improve. The list contains national banks, federal savings associations and insured federal branches of foreign banks that received ratings.

Friday, December 22, 2017

President Donald Trump today signed the Tax Cuts and Jobs Act (H.R. 1). The legislation, which goes into effect Jan. 1, 2018, preserves the low-income housing tax credit (LIHTC), tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Thursday, December 21, 2017

New thresholds for the asset size used to define small bank, small savings association, intermediate small bank and intermediate small savings association under Community Reinvestment Act (CRA) regulations were released today. The required annual adjustment defines small bank or small savings association as an institution with assets of less than $1.252 billion as of Dec. 31 in either of the previous two calendar years.

Wednesday, December 20, 2017

The House of Representatives today passed the Tax Cuts and Jobs Act (H.R. 1) 224-201, with 12 Republicans against it and no Democrats voting for it. The Senate passed the legislation earlier, 51-48 on a party-line vote. The tax bill preserves the low-income housing tax credit (LIHTC), the tax exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds, a revised historic tax credit (HTC) and existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Friday, December 15, 2017

Tax-exemption for private activity bonds, the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds and a revised historic tax credit (HTC) will be retained under a final version of the Tax Cuts and Jobs Act released by a joint House-Senate conference today. The low-income housing tax credit (LIHTC) is also preserved, as are existing phasedowns for the renewable energy investment tax credit (ITC) and production tax credit (PTC).

Wednesday, December 6, 2017

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public in November for national banks, federal savings associations and insured federal branches of foreign banks. Of 29 evaluations, five were outstanding, 23 were satisfactory and one was rated as need to improve. 

Tuesday, November 28, 2017

The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations that will be conducted during the first two quarters of 2018. The OCC encourages public comment on the national banks and federal savings associations that will be evaluated and suggests that comments be submitted to the institutions at the mailing addresses listed on the schedule.

Monday, November 27, 2017

Joseph M. Otting was sworn in today as the 31st Comptroller of the Currency after being confirmed by the U.S. Senate Nov. 16. Otting was nominated by President Donald Trump in June and takes over from Keith A. Noreika, who served as the interim comptroller since May. The Office of the Comptroller of the Currency issues monthly Community Revitalization Act performance evaluations.

Wednesday, November 8, 2017

The Office of the Comptroller of the Currency (OCC) today released a Policies and Procedures Manual issuance describing its framework for evaluating certain types of licensing applications when an applicant bank has an overall less than satisfactory rating (needs to improve or substantial noncompliance) under the Community Reinvestment Act (CRA) or a less than satisfactory CRA rating in one or more geographic areas.

Wednesday, November 1, 2017

Novogradac & Company today announced the launch of a resource center with information about current and historic tax reform proposals, www.taxreformresourcecenter.com. The new site arrives as House Republicans prepare to release tax reform legislation. The Tax Reform Resource Center contains news, legislation, advocacy, research and reports, as well as links to blog posts and other materials about tax reform.

Wednesday, November 1, 2017

The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during October. Of 18, two were outstanding and 16 were satisfactory. The list includes national banks, federal savings associations and insured federal branches of foreign banks that have received ratings. 

Thursday, October 5, 2017

The Office of the Comptroller of the Currency (OCC) today released a list of 31 Community Reinvestment Act (CRA) performance evaluations made in September. The list contains national banks, federal savings associations and insured federal branches of foreign banks. Of the evaluations, four were outstanding, 26 were satisfactory and one needed to improve. 

Wednesday, September 27, 2017

The Trump administration and congressional leadership today jointly released a tax reform framework  and highlights summary that would set the top corporate tax rate to 20 percent and eliminate the corporate alternative minimum tax (AMT). The pass-through rate would be set at 25 percent with measures to ensure that personal income and wages are not re-characterized as profits.

Wednesday, September 6, 2017

Financial institutions may receive Community Reinvestment Act (CRA) consideration for community development loans, investments or services that assist federally designated disaster areas, according to statements on Hurricane Harvey and Hurricane Irma issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and state bank reg

Tuesday, August 29, 2017

The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act (CRA) evaluations for the fourth quarter of 2017 and the first quarter of 2018 for national banks and federal savings associations. The OCC encourages public comment on the institutions scheduled for evaluations, suggesting that comments be submitted to the institutions at the mailing addresses listed on the schedule before or early in the month in which the evaluation is scheduled.

Wednesday, August 2, 2017

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during July–with 23 satisfactory evaluations and three outstanding ratings. Possible ratings are outstanding, satisfactory, needs to improve and substantial noncompliance. The list contains only national banks, federal savings associations and insured federal branches of foreign banks. 

Thursday, July 27, 2017

Congressional leaders and White House officials today released a joint statement on tax reform, in which they expressed an expectation that comprehensive tax reform will be considered by Congress this fall. The statement pledged a lower tax rate for businesses and unprecedented capital expensing, but did not address limitations on interest deductibility. Legislators will set aside the border adjustment tax (BAT), which has been a point of contention.

Wednesday, July 5, 2017

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public in June. Of the 25 evaluations of national banks, federal saving associations and insured federal branches of foreign banks that received ratings, five were rated outstanding and 20 were rated satisfactory.