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ARTICLE · 05 FEBRUARY 2020

OCC And FDIC Propose CRA Modernization Regulations

Rimon
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On December 12, 2019, the FDIC and OCC issued their long-awaited proposed regulations to Modernize the Community Reinvestment Act (the "Proposed Regulations").

United StatesFinance and Banking
John R. Mussman
John R. Mussman

On December 12, 2019, the FDIC and OCC issued their long-awaited proposed regulations to Modernize the Community Reinvestment Act (the "Proposed Regulations"). The more complete version of the Proposed Regulations was published in the Federal Register on January 9, 2020, https://www.govinfo.gov/content/pkg/FR-2020-01-09/pdf/2019-27940.pdf. Prior to their issuance, the OCC engaged in outreach to CRA stakeholders that identified an extensive list of CRA problems, including:

  • ambiguities in CRA rules,
  • unclear definitions in the regulations that provided "little incentive for banks to engage in [offering] loan products, investments and services that could help [bank low- and moderate-income] communities,"

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