NAIP Comment Letter on Community Reinvestment Act Proposed Rulemaking
Community Reinvestment Act Proposed Rulemaking
The Community Reinvestment Act, or CRA, was signed into law in 1977 and is a seminal piece of legislation to address inequities in access to credit for low- and moderate-income individuals and communities. After receiving substantial feedback from stakeholders, the Federal Reserve Board of Governors, the FDIC, and the OCC issued a notice of proposed rulemaking that would amend their regulations implementing the CRA. The agencies’ objectives include updating the CRA regulations to strengthen the achievement of the core purpose of the statue, and to adapt to changes in the banking industry, including the expanded role of mobile and online banking.
Notice of Proposed Rulemaking (NPR)
The Board, along with the FDIC and the OCC, issued an NPR on May 5, 2022. The deadline for submitting comments on the NPR was August 5, 2022.
Read The Letter Here: NAIP CRA Comment Letter-final 08.05.22