Federal Reserve Hearing on the Community Reinvestment Act
The federal bank and thrift regulatory agencies announced a series of upcoming public hearings on modernizing the regulations that implement the Community Reinvestment Act (CRA). Interested parties are invited to provide testimony and written comments.
The agencies (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision) will consider how to update the regulations to reflect changes in the financial services industry, changes in how banking services are delivered to consumers today, and current housing and community development needs. The agencies also want to ensure that the CRA remains effective for encouraging institutions to meet the credit needs of communities. While the agencies recognize public comments may discuss matters requiring statutory changes, the agencies' focus is on potential regulatory changes.
Anyone wishing to submit testimony or attend the hearings must register five business days in advance on the website of the Federal Financial Institutions Examination Council (FFIEC) at http://www.ffiec.gov/cra/hearings.htm. Hearing details are available on that site and in the attached hearings notice, which will be published in the Federal Register. The agencies also strongly encourage individuals interested in testifying to provide their written testimony in advance. Presentation time and meeting space are limited and early registration is recommended.