In a notice of proposed rulemaking, the Office of the Comptroller of the Currency (“OCC”) requested feedback on the ways it could modernize the Community Reinvestment Act (“CRA”) regulatory framework. Comments must be submitted within 75 days after publication in the Federal Register.
In response to requests to reform the CRA, the OCC reported that it is considering amending the regulations that implement the CRA, which serves to assist insured depository institutions in “meet[ing] the credit needs of their communities, including low- and moderate-income . . . neighborhoods.” The OCC will consider feedback on ways to amend the CRA framework in order to (i) better serve the CRA’s intended purpose, (ii) increase lending and investment in underserved areas, and (iii) reduce the reporting and CRA performance assessment burden.