On May 5, 2022, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPR) that would amend their regulations implementing the Community Reinvestment Act of 1977 (CRA) to update how CRA activities qualify for consideration, where CRA activities are considered and how CRA activities are evaluated.

CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI) neighborhoods, in a safe and sound manner.

The agencies are inviting public comment on their joint proposal, which has the following key elements:

• Expand access to credit, investment and basic banking services in low- and moderate-income communities.
• Adapt to changes in the banking industry, including internet and mobile banking.
• Provide greater clarity, consistency and transparency.
• Tailor CRA evaluations and data collection to bank size and type.
• Maintain a unified approach.

To learn more about each of these elements, read the Reserve Board’s Fact Sheet on the Notice of Proposed Rulemaking (NPR).

Comments on the proposal will be accepted on or before August 5, 2022, and can be submitted in the following ways:

• E-mail: regs.comments@federalreserve.gov. Use this option to attach a comment letter via a PDF file. Include docket (R-1769) and RIN (7100-AG29) numbers in the subject line of the message.
• Agency Website: https://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
• FAX: (202) 452-3819 or (202) 452-3102
• Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551

Learn more about the CRA on the Reserve Board’s website.