OCC Launches CRA Modernization
The first overhaul of Community Reinvestment Act (CRA) regulations in a generation began with the Office of the Comptroller of the Currency’s (OCC) publication of an advanced notice of proposed rulemaking (ANPR) Sept. 5.
The final policy could reshape how banks finance affordable housing and other community development activities.
The OCC is one of three federal agencies responsible for CRA. OCC oversees national banks, the Federal Reserve Board supervises state-chartered banks that are members of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) examines other state-chartered banks. It is unusual for one agency to go it alone on a major regulatory initiative, suggesting that the Fed and FDIC are not yet on board, but OCC hopes the three agencies will unite when it’s time to propose a specific plan.