The OCC and FDIC proposed rule to modernize Community Reinvestment Act regulations was published in the Federal Register, kicking off the proposal’s 60-day comment period. Comments will be due to the agencies by March 9.
ICBA is closely reviewing the proposal, which includes ICBA-supported provisions on defining small-business loans, promoting lending to family farms, codifying pre-approved CRA activities, and allowing community banks with $500 million or less in assets to opt into the revised framework.
Federal Reserve Gov. Lael Brainard this week laid out the Fed's efforts to develop new CRA metrics and tests, noting that an interagency proposal with the OCC and FDIC would be the best approach for reform. The House Financial Services Committee has scheduled two hearings starting next week on the OCC-FDIC proposal.