To All Depository Institutions and Others
Concerned in the Second Federal Reserve District:
The federal banking agencies published a joint notice of proposed rulemaking in the Federal Register that would revise certain provisions in their regulations implementing the Community Reinvestment Act (CRA).
The revisions are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs.
Comments are requested by May 10, 2005. Details on how to file comments are available in the Federal Register notice.
Legal and Compliance Risk Department
William L. Rutledge
Executive Vice President