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On May 5, the Federal Reserve Board (Board), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) jointly released a Notice of Proposed Rulemaking (NPR) that would reform the Community Reinvestment Act (CRA) regulations. The CRA seeks to address inequities in access to credit for low- and moderate-income, as well as underserved and rural communities. The agencies seek public feedback on the joint proposal and comments are due on or before August 5, 2022.
On Wednesday, May 11, 2022, at 3:00 ET, the agencies jointly hosted a special Ask the Regulators/Connecting Communities webinar for all CRA stakeholders that provided an overview of the proposal and its objectives. Topics included assessment areas, qualified activities, evaluation approach, ratings, and data collection and reporting. The session was presented jointly by CRA policy experts from the Board, OCC, and FDIC.