Federal Reserve seeks input on OCC’s ANPR on CRA reform

Federal Issues Federal Reserve OCC CRA

On October 15, Federal Reserve Governor Lael Brainard spoke during a community investment meeting hosted by the Federal Reserve Bank of Kansas City’s Denver Branch to discuss the role of the Community Reinvestment Act (CRA) in strengthening community investment. She noted that the OCC recently published an Advance Notice of Proposed Rulemaking (ANPR), and encouraged the public to submit comments by November 19. As previously covered by InfoBytes, the ANPR seeks input from stakeholders on ways to modernize the CRA regulatory framework. Brainard noted there was confusion about commenting on the ANPR because it was not published on an interagency basis. She clarified that although the Federal Reserve did not join in the publication of the ANPR, the Federal Reserve will read comment letters in anticipation of working with the OCC and FDIC on a joint proposal. Brainard emphasized that the “CRA is too important to the financial well-being of communities across this country for banks and community members to disengage in any part of this process.”