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The proposed update to Community Reinvestment Act regulations incentivizes banks to support minority depository institutions and community development financial institutions, Acting Comptroller of the Currency Michael Hsu said.
Hsu’s Remarks: Under the proposal, Hsu said, all activities with Treasury-certified CDFIs would automatically be eligible CRA activities. Further, investments, loan participations, and other ventures undertaken by any bank, including by MDIs, in cooperation with other MDIs will receive consideration, he said.
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.
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