Buckley Webcast: Community Reinvestment Act modernization – For real this time?
The OCC, FDIC, and Fed recently issued a proposed rule and request for comment as part of their continued efforts to modernize the Community Reinvestment Act, last overhauled in 1995. This proposal is a welcome demonstration of agency unity, but does it hit the right notes for a practical modern framework? The agencies pose 180 questions in the proposal, suggesting there is room for fine tuning. Unless extended, the comment submission deadline is August 5.
Buckley attorneys Warren Traiger, Jennifer Cheo, and Lauren Bomberger, who are assisting financial services trade associations and individual banks with analyzing and commenting on the modernization proposal, discussed the substance of the rule, including how it differs from current law, which banks are affected, and key opportunities for comment.
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