Proposed Revisions to the Interagency CRA Questions and Answers Issued
The Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have proposed revisions to Interagency Questions and Answers Regarding Community Reinvestment. The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations. The public is encouraged to comment on the proposed guidance by May 17. The revisions focus primarily on community development activities that are considered part of the CRA performance tests for large institutions, intermediate small institutions, and wholesale and limited purpose institutions. Small institutions are not necessarily examined under community development efforts, but they may use community development activity to receive consideration toward an outstanding CRA rating. For more information on the CRA, including the Questions and Answers and the agencies' CRA regulations, visit the Federal Financial Institutions Examination Council site.