On May 5, 2022, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) proposed to jointly amend their regulations implementing the Community Reinvestment Act (CRA) to update how CRA activities qualify for consideration, where CRA activities are considered, and how CRA activities are evaluated.
CRA reform is a complicated issue with lots of nuances. The NACEDA, a national trade association, is creating draft document that focuses specifically on our field. Please review the sample letter and, if you agree with its comments, add your organizational information, put it on your letterhead and save it as a PDF. Then just send it in, following the instructions provided.