Circular
Community Reinvestment
November 7, 1996
Circular No. 10888

Interagency Questions and Answers To All State Member Banks, and Others Concerned, in the Second Federal Reserve District:

The following is from a statement issued by the Federal Financial Institutions Examination Council (FFIEC):

The Federal Financial Institutions Examination Council (FFIEC) has announced the publication of "Interagency Questions and Answers Regarding Community Reinvestment," a comprehensive reference document on the Community Reinvestment Act (CRA) regulation.

The FFIEC published "Interagency Questions and Answers" in the Federal Register on October 21, 1996, on behalf of its member banking regulatory agencies -- the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System and the Office of Thrift Supervision.

The new publication answers questions the regulators have most frequently been asked about CRA implementation. Although most of the information in the "Interagency Questions and Answers" has already been made available to the public in other documents, including the preamble to the CRA regulations, interagency staff letters and other agency guidance, this publication consolidates it, to the extent possible, into a practical reference for financial institutions, their examiners and the public. The agencies intend to update the publication regularly, and invite public comment and new questions on CRA implementation.

For further information contact: Office of the Comptroller of the Currency, Malloy Harris (202) 874-4446; Federal Reserve Board, Glenn E. Loney (202) 452-3585; Federal Deposit Insurance Corporation, Bobbie Jean Norris (202) 942-3090; or Office of Thrift Supervision, Theresa Stark (202) 906-7054.

The excerpt from the Federal Register of October 21, containing the information referred to above, is available. Questions on this matter may be directed to the persons specified in the above statement or, at this Bank, to Janice A. Oser, Supervising Examiner, Compliance Examinations Department