ICBA issues summary on CRA modernization proposal

ICBA released a summary of the banking agencies’ proposed update to Community Reinvestment Act regulations.

Details: The summary—which spotlights the plan’s proposed updates to asset thresholds, assessment area rules, and more—is designed to help community bankers submit personalized comments on the proposal by the Aug. 5 comment deadline.

ICBA Response: In a national news release after the proposal was issued last month, ICBA said it is encouraged that the proposal would tailor CRA evaluations and data collection for community banks, though regulators should ensure the plan meets the needs of all community banks and the communities they serve. View the summary.