On July 20, the three main banking regulators, the Federal Reserve Board (Fed), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), announced a commitment to work together to modernize the Community Reinvestment Act (CRA).
This positive step for the banking industry will harmonize the regulators approach to CRA, which was left in a disjointed manner following the 2019 OCC CRA update. As a result of the OCC’s independent actions, the banking industry was left with a confusing set of CRA regulations. However, this new collaborative approach will provide a clearer set of CRA regulations.
NMHC previously provided input to the rule making processes that the OCC and Fed undertook over the past three years. It is expected that the regulators will undergo another round of rulemaking that will provide the opportunity to again submit comments.
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