Community Reinvestment Act (CRA)

Many banks offer predevelopment loans through their community lending programs, especially if the project qualifies for Community Reinvestment Act (CRA) credits.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an interim final rule and technical amendments regarding the Community Reinvestment Act (CRA) final rule.

Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas granted the injunction to extend the Community Reinvestment Act (CRA) final rule’s effective date—April 1—along with all other implementation dates.

The Federal Reserve, Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released the Community Reinvestment Act Final Rule, factsheet and overview of key objectives. NH&RA submitted comments last year and is still in the process of going through the new regulations.  

Last week, federal bank regulatory agencies jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The proposed rule has the following key elements: Expand access to credit, investment and basic banking services in low- and moderate-income (LMI) communities. Under the proposal, the agencies would evaluate bank performance across the […]

The Office of the Comptroller of the Currency issued a final rule to rescind the June 2020 Community Reinvestment Act rule and replace it with a rule based on the rules adopted jointly with the Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System.

The OCC announced it is soliciting comments on proposed rules to rescind the CRA rule issued in 2020 and replace it with rules adopted jointly by the federal banking agencies in 1995, as amended. 

The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This decision follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.

Treasury Secretary Dr. Janet Yellen named Michael Hsu acting comptroller of the Currency under her authority to appoint deputy comptrollers and have the first deputy act as comptroller if there is a vacancy.

NH&RA submitted comments to the Federal Reserve on its Community Reinvestment Act (CRA) advanced notice of proposed rulemaking, urging the Fed to avoid making any changes to CRA that would decrease investment in LIHTC.

On Monday, the Senate voted down a motion to consider the House-passed resolution of disapproval (H.J. Res. 90) to nullify the Office of the Comptroller of the Currency’s new rule on Community Reinvestment Act (CRA). The Federal Reserve’s advanced notice of proposed rulemaking was officially published in the Federal Register. Comments are due by February 16, 2021; NH&RA will submit comments and encourages our members to do so as well.

The Board of Governors of the Federal Reserve System (Federal Reserve) unanimously approved the Advance Notice of Proposed Rulemaking (ANPR) on Community Reinvestment Act (CRA) reform. The ANPR uses a data-driven approach and solicits feedback in several areas. Comments are due 120 days after official publication in the Federal Register. NH&RA is still reviewing the ANPR with plans to submit comments and encourages our members to do so as well.