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Agencies Seek Comment on Proposal to Revise CRA Regulations
|January 22, 2004|
|(Updated February 6, 2004)|
|Circular No. 11573|
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
In a press release, the Federal Reserve Board asked for comments on an interagency proposal to revise regulations that implement the Community Reinvestment Act (CRA).
The CRA is intended to encourage depository institutions to help meet credit needs in their communities, including low- and moderate-income neighborhoods. The agencies are proposing limited amendments to the regulation in two areas.
The agencies also propose enhancements to the loan data they disclose in CRA public evaluations and CRA disclosure statements. A notice of proposed rulemaking will be published jointly after it has been acted upon by all of the banking agencies with CRA supervisory responsibilities.
The Board invites comment on the proposal by April 6, 2004.
William L. Rutledge