Filing of Documents Required by CRA Sunshine Requirements
To All State Member Banks, Bank Holding Companies, and Others Concerned in the Second Federal Reserve District:
In the Federal Register of January 10, 2001, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision published final regulations implementing the Community Reinvestment Act (CRA) Sunshine Requirements of the Federal Deposit Insurance Act, effective April 1, 2001. The Federal Reserve's implementing rule is Regulation G (12 CFR 207), which starts on page 2092 of the January 10th edition of the Federal Register. (See, in this connection, our Circular No. 11310.)
As announced in a Federal Reserve press release dated March 22, 2001, the new CRA Sunshine provisions require nongovernmental entities or persons (NGEPs) and insured depository institutions or their affiliates that are parties to certain written agreements in fulfillment of the CRA to make the agreement available to the public and to file an annual report about the agreement with the relevant supervisory agency. The press release goes on to describe the procedures for determining whether an agreement is covered by the rule and reviews the rule's disclosure and annual reporting requirements. A compliance chart (pdf - 14kb) was published in the January 10 Federal Register.
Questions about the new regulation may be directed, at this Bank, to Janice A. Oser, Bank Supervision Officer, Legal and Compliance Risk Department.