News & Events

Partner Keith Noreika was quoted in the International Financial Law Review (IFLR) on the Community Reinvestment Act (CRA). The article, titled “Community Reinvestment Act: rework or revamp,” discusses the Office of the Comptroller of Currency’s (OCC) release of an advance notice of proposed rulemaking (APNR), inviting comments to “solicit ideas for building a new framework to modernize the regulations that implement the CRA.” After the deadline, on November 9, the OCC will introduce policy based on the public comments. “The Comptroller is absolutely right that the CRA is not filling the function it was designed to anymore,” said Keith. He added that the comptroller on the right track “lessening the importance of assessment areas, lessening the importance of certain types of lending activities that distort those markets, having more transparent metrics that can be used to look across banks to have a clear record keeping requirements.”

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