OCC Seeks Comments on Modernizing Community Reinvestment Act Regulations
On August 28, the OCC released an Advance Notice of Proposed Rulemaking seeking comment on the best ways to modernize the regulatory framework implementing the Community Reinvestment Act of 1977. The ANPR follows recent recommendations by the U.S. Treasury Department for the Federal banking agencies to adopt certain reform the CRA regulations. Notably, however, the OCC released the ANPR without being joined by the Board of Governors of the Federal Reserve System or the Federal Deposit Insurance Corporation, which also have responsibility of implementing the CRA.