Washington—The Federal Deposit Insurance Corporation (FDIC) has joined the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency in jointly issuing a proposal to modernize the Community Reinvestment Act (CRA). This landmark law, celebrating its 45th anniversary, aims to encourage banks to meet the credit needs of local communities. The joint release outlines key elements of the proposed regulations, including expanding access to services in low- and moderate-income neighborhoods, adapting to changes in banking technology, providing greater transparency, tailoring evaluations to bank size, and maintaining a unified approach among regulatory agencies.
The proposal invites public comment on its initiatives, which are designed to enhance community engagement and financial inclusion. Key features include:
- Expanding access to credit, investment, and basic banking services in LMI communities.
- Updating CRA assessment areas to include online and mobile banking activities.
- Introducing a metrics-based approach for evaluating lending and financing efforts.
The FDIC Acting Chairman, Martin J. Gruenberg, emphasized the importance of these updates, stating that they will ensure the CRA remains a strong tool in addressing credit access inequities. Comments on the proposal are accepted until August 5, 2022.
For more information and to provide feedback, visit the FDIC website.
Related Federal Cases
- FDIC Not Specified, Community Reinvestment Act Support, Washington … · Washington
- Federal Reserve and FDIC, Community Reinvestment Act Thresholds Upd… · Washington
- FDIC, Community Reinvestment Act Examination Violations, Washington… · Washington
- Federal Deposit Insurance Corporation, Community Reinvestment Act C… · Washington
- FDIC Pushes Back GENIUS Act Stablecoin Application Deadline · Maryland
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source â†â€â€ÂÂ
ðŸâ€ÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Federal Districts →All Districts →
