CRA Tag Archives

OCC Rescinds Trump-Era CRA Rule

The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This decision follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.

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Updates on CRA Reform: Senate Votes Down CRA Disapproval Bill, Fed’s Proposal Published in Federal Register

On Monday, the Senate voted down a motion to consider the House-passed resolution of disapproval (H.J. Res. 90) to nullify the Office of the Comptroller of the Currency’s new rule on Community Reinvestment Act (CRA). The Federal Reserve’s advanced notice of proposed rulemaking was officially published in the Federal Register. Comments are due by February 16, 2021; NH&RA will submit comments and encourages our members to do so as well.

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Federal Reserve Advances CRA Reform

The Board of Governors of the Federal Reserve System (Federal Reserve) unanimously approved the Advance Notice of Proposed Rulemaking (ANPR) on Community Reinvestment Act (CRA) reform. The ANPR uses a data-driven approach and solicits feedback in several areas. Comments are due 120 days after official publication in the Federal Register. NH&RA is still reviewing the ANPR with plans to submit comments and encourages our members to do so as well.

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Urban Institute: The OCC’s Final CRA Rule Improves Upon the Proposed Rule but Remains Unsatisfactory

The Urban Institute argues that the new CRA regulations suffer from four big problems: (1) There is no evidence of the impact of the new regulations; (2) The primary metric used for assessing CRA compliance neglects community needs; (3) The regulations create a limited and unforgiving test on retail and community development lending, with limited community coverage; and (4) Public data will be lost while bank reporting burdens will increase.

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