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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. 

Tuesday, May 3, 2022

The Office of the Comptroller of the Currency (OCC) today released 23 Community Reinvestment Act (CRA) evaluations made public in April. Six were rated outstanding, 17 were satisfactory. The list of evaluations contains national banks, federal savings associations and insured federal branches of foreign banks. The possible ratings are outstanding, satisfactory, needs to improve and substantial noncompliance.

Monday, April 4, 2022

The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations made public in March. Of the 23 evaluations made public, 21 were satisfactory and two were outstanding. The list contains national banks, federal savings associations and insured federal branches of foreign banks.

Monday, March 7, 2022

The Office of the Comptroller of the Currency (OCC) released a list of 11 Community Reinvestment Act (CRA) evaluations made public in February–10 satisfactory and one outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Monday, February 7, 2022

Martin J. Gruenberg, acting chair of the Federal Deposit Insurance Corporation (FDIC), today released a statement of the FDIC’s priorities for the coming year, including strengthening the Community Reinvestment Act (CRA). Gruenberg’s statement featured five areas of emphasis: strengthening the CRA, addressing financial risks posed by climate change, reviewing the bank merger process, evaluating crypt-asset risks and finalizing the Basel III capital rule.

Monday, February 7, 2022

The Office of the Comptroller of the Currency last week released a list of 16 Community Reinvestment Act (CRA) performance evaluations that became public in January. Of the 16 evaluations, two were outstanding and 14 were satisfactory. The list includes national banks, federal savings associations and insured federal branches of foreign banks.

Tuesday, January 4, 2022

The Office of the Comptroller of the Currency (OCC) released a list of 23 Community Reinvestment Act (CRA) performance evaluations that became public in December. Sixteen evaluations were satisfactory, seven were outstanding. The list contains national banks, federal savings associations and insured federal branches of foreign banks.

Tuesday, December 14, 2021

The Office of the Comptroller of the Currency (OCC) today issued a final rule to rescind the Community Reinvestment Act (CRA) rule it issued in June 2020. Today’s action replaces the 2020 rule with a rule based on rules adopted by the OCC, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) in 1995, as amended. The final rule applies to national banks, federal savings associations and state savings associations. The updated rule takes effect Jan. 1, 2022.

Wednesday, November 3, 2021

The Office of the Comptroller of the Currency (OCC) this week released a list of Community Reinvestment Act (CRA) performance evaluations that became public in October, including the first substantial noncompliance finding in three years. Of the 15 evaluations made public, nine are satisfactory, five are outstanding and one was evaluated with substantial noncompliance. The last OCC rating of substantial noncompliance was made public in September 2018.

Monday, October 4, 2021

The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public in September. Of the 14 evaluations of national banks, federal savings associations and insured federal branches of foreign banks, 10 were satisfactory, four were outstanding.

Wednesday, September 8, 2021

The Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking today to rescind the Community Reinvestment Act (CRA) rule that the OCC issued in 2020 and replace it with the rules it replaced. The action would return the OCC CRA regulations to those adopted in 1995 and amended. The proposed rule would apply to all national banks and all federal and state savings associations. Comments on the proposed rule are accepted on or before Oct. 29.

Tuesday, September 7, 2021

The Office of the Comptroller of the Currency (OCC) released a list of 19 Community Reinvestment Act (CRA) performance evaluations made public in August. Among national banks, federal savings associations and insured federal branches of foreign banks, five were rated outstanding and 14 were rated satisfactory.

Tuesday, August 3, 2021

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations made public in July. Of the 14 evaluations made public, 11 were satisfactory and three were outstanding. The evaluations are for national banks, federal savings associations and insured federal branches of foreign banks.

Wednesday, July 21, 2021

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.

Tuesday, July 6, 2021

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.

Monday, June 28, 2021

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.

Monday, June 7, 2021

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.

Thursday, May 27, 2021

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.