On September 21, the Federal Reserve (Fed) issued an Advance Notice of Public Rulemaking (ANPR) to modernize the Community Reinvestment Act (CRA) whose last major modification by the Fed was 25 years ago. The Fed is seeking comment on the ANPR to help determine the changes to the CRA.
Regulations governing CRA have been in a state of flux for the past two years due to a lack of agreement among the three main banking regulators, the Fed, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). In December 2019, the OCC and the FDIC issued a proposed rule to modernize the CRA and in May 2020 a final rule was issued solely by OCC. The Fed did not participate in his rule making as they could not agree with the direction the OCC was taking. Although the FDIC participated in the December 2019 proposed rule, they did not issue updated final regulations as they too had issues with the final regulations that the OCC issued.
The Fed’s ANPR will be open for comment for 120 days from the date it is registered in the Federal Register. NMHC and NAA will analyze the ANPR and provide comments.
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