The Federal Reserve Board issued a report summarizing feedback on the Community Reinvestment Act it gathered during 29 public roundtables it held between October 2018 and January 2019.
The report includes feedback from bankers and other stakeholders on assessment areas, underserved communities, performance test structure, evaluating performance, and defining community development activities.
Federal agencies are working to modernize CRA following the OCC’s August 2018 release of an advance notice of proposed rulemaking on CRA reform. Regulators have signaled that they want to achieve clearer and more consistent CRA oversight and are backing away from the idea of a single metric for measuring CRA performance, as ICBA has advocated.
ICBA’s November letter to the OCC called on regulators to improve CRA consistency and transparency and carefully consider the ancillary effects of any metric-based performance test, among other recommendations.
Read the Fed’s Report
Read ICBA’s OCC Letter