American Banker, September 21, Fed plan to reform CRA at odds with OCC rule
The Federal Reserve released a preliminary proposal Monday to update the decades-old Community Reinvestment Act, distancing the central bank even further from a CRA Rule finalized by the Office of the Comptroller of the Currency in May. In the Fed’s advance notice of proposed rule making , the agency floated a new framework in which banks could rely on existing data collection and reporting requirements, deviating from the OCC’s plan to request new data points for CRA Scoring. The Fed would also include key tests that consumer advocates had blasted the OCC for abandoning, such as separate community development test ” with separate financing and service subtests”, according to the Fed’s memo.
