Share This Page

Agencies to propose amending CRA regulations to conform to HMDA regulation changes…

September 14, 2017 / Source: FRB

Joint Press Release

September 13, 2017

Agencies to propose amending CRA regulations to conform to HMDA regulation changes, and remove references to the neighborhood stabilization program

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

For release at 3:00 p.m. EDT

The federal bank regulatory agencies today issued a joint notice of proposed rulemaking to amend their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Since 1995, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have conformed certain definitions in their respective CRA regulations to the scope of loans reported under Regulation C and believe that continuing to do so produces a less-burdensome CRA performance evaluation process. In particular, the agencies are proposing to amend their CRA regulations to revise the definitions of "home mortgage loan" and "consumer loan," as well as the public file content requirements. These revisions would maintain consistency between the CRA regulations and the recent changes to Regulation C, which generally become effective on January 1, 2018.

In addition, the draft proposal contains technical revisions and would remove obsolete references to the Neighborhood Stabilization Program.

Comments on the proposal will be accepted for 30 days after publication in the Federal Register. The agencies anticipate that the proposed amendments to their CRA regulations will become effective also on January 1, 2018.

Attachment (PDF)

Media Contacts:

Federal Reserve Board

Susan Stawick

202-452-2955

FDIC

Greg Hernandez

202-898-6984

OCC

William Grassano

202-649-6870

Related Content

Board Votes

Last Update: September 13, 2017