July 28, 2021
By Donna Kimura, Affordable Housing Finance
The Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) announced that they will work together to update the Community Reinvestment Act (CRA).
“The agencies have broad authority and responsibility for implementing the CRA,” said the agencies in a statement. “Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods.”