FOR IMMEDIATE RELEASE
July 11, 2007
Contact: Robert M. Garsson
Statement of Comptroller of the Currency John C. Dugan Regarding Community Reinvestment Act Questions and Answers
WASHINGTON — Comptroller of the Currency John C. Dugan issued the following statement addressing interagency questions and answers on the Community Reinvestment Act.
Today, the Federal bank regulatory agencies published for public comment several new questions and answers that will be added to the Interagency Questions and Answers regarding Community Reinvestment. I am especially pleased to note that the proposed questions and answers address some important interpretive issues raised by the Community Reinvestment Act provision that encourages banks to partner with and make investments in minority- or women-owned institutions.
The question and answer clarifies that investing banks will receive positive CRA consideration for such activities even if the minority- or women-owned bank is not in the investing bank's CRA assessment area or broader statewide or regional area. I see this as a real step forward in both resolving an interpretive question that's been raised and in encouraging investments and other collaborative ventures.
This question and answer signals the importance we place on the activities described in the statute that will benefit minority- and women-owned institutions, and makes clear our examiners will give positive consideration for these activities in CRA examinations.