Comments on Community Reinvestment Act Modernization Due April 8
The Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation have proposed a rule on modernizing the Community Reinvestment Act. The proposed rule focuses on improvement in the areas of qualifying activities, assessment areas, performance standards, and data collection. The proposed rule can be reviewed here.
CBA is in the process of preparing and filing a comment letter in support of this effort. We have also been working with the American Bankers Association (ABA) on a joint comment letter regarding the proposed regulations. The ABA has distributed a “Comment Letter Writing Guide: CRA Modernization”, which can be viewed here.
CBA encourages our members to use this guide to assist in providing your own comment letter with specific examples of how these changes would impact your bank. Instructions on how to submit comments are included in the ABA’s Comment Letter Writing Guide. The deadline to submit comments is April 8, 2020.