OCC BULLETIN 2014-44
Subject: Community Reinvestment Act
Date: September 10, 2014
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Proposed Questions and Answers Regarding Community Reinvestment
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) request comment on proposed revisions to the “Interagency Questions and Answers Regarding Community Reinvestment” (Q&As). These Q&As provide additional guidance to financial institutions and the public on the agencies’ regulations that implement the Community Reinvestment Act (CRA). The proposed new and revised guidance addresses questions raised by bankers, community organizations, and others regarding the agencies’ CRA regulations.
Comments on the proposed Q&As must be received no later than 60 days after publication in the Federal Register.
The notice in the Federal Register, “Community Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment,” is attached. Also attached are the Q&As from March 2010, which the most recent Q&As revise. Please follow the instructions in the notice to submit comments.
The proposed new and revised questions and answers:
The CRA requires each federal financial supervisory agency to assess the record of a financial institution in helping to meet the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations. The agencies consider that record when reviewing certain licensing applications by an institution. The interagency Q&As provide guidance for use by agency personnel, financial institutions, and the public for the interpretation of the requirements of the agencies’ regulations implementing the CRA.
Please visit the Federal Financial Institutions Examination Council Web site to learn more about the CRA, the agencies’ CRA regulations, and these Q&As.
Grovetta N. Gardineer