Joint Interim Rule Regarding Community Reinvestment Act
July 9, 2004
Circular No. 11621

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The Federal Reserve Board, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision (Agencies) published an interim rule with request for comment to conform their regulations implementing the Community Reinvestment Act (CRA) to changes in:

  • the Standards for Defining Metropolitan and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget (OMB) in December 2000
  • census tracts designated by the U.S. Bureau of the Census (Census), and
  • the Board’s Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

The agencies are also making a technical correction to a cross-reference within the CRA regulations.

The joint interim rule does not make substantive changes in the requirements of the CRA regulations. This rule is being published because the changes made by the OMB, Census and the Board have already become effective. Further, financial institutions must use OMB’s statistical area standards, Census’ geographies, and the Board’s Regulation C, when adjusting assessment area delineations and collecting CRA loan data, beginning January 1, 2004.

The joint interim rule is effective on July 8, 2004. Comments are due by September 7, 2004.

Federal Register notice OFFSITE PDF

Robert Gutierrez
Examining Officer
Legal and Compliance Risk Department