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Banking Agencies Release CRA Overhaul Proposal
The Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a joint notice of proposed rulemaking to update Community Reinvestment Act (CRA) regulations.
The new proposal includes three assessment tiers: large banks ($2 billion or more in assets); intermediate banks ($600 million to $2 billion in assets); and small banks (less than $600 million in assets).
Large banks would be subject to: a retail lending test; a retail services and products test; a community development financing test; and the community development services test. Intermediate-sized banks would be subject to the retail lending test and the status quo community development test, but may opt into the community development financing test. Small banks would be evaluated under the status quo small bank lending test, unless they choose to opt into the retail lending test. Banks can also choose to be evaluated under a CRA strategic plan as an alternative method for evaluation.
Comments on the proposal are due Aug. 5.
Read the Proposed Rule
Read a Fact-Sheet
ECOA Applies to Existing Borrowers
The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that the Equal Credit Opportunity Act (ECOA) applies to both consumers who are seeking credit and those who have received it.
Learn More
CFPB Releases Fair Lending Report
The Consumer Financial Protection Bureau (CFPB) released its annual Fair Lending Report to Congress which covers activities in 2021. Looking ahead, the agency noted it will be, “sharpening its focus on digital redlining and algorithmic bias.”
Read the Report
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