BOARD OF GOVERNORS
DIVISION OF CONSUMER
March 2, 2006
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS:
SUBJECT: Interagency Community Reinvestment Act (CRA) Questions and Answers Reflecting 2005 Regulation Changes
On March 1, 2006, the Board approved the attached Interagency CRA Questions and Answers that provide guidance for the CRA regulatory changes published in the Federal Register on August 2, 2005 (70 Federal Register 44256). 1 These Interagency Questions and Answers, which will be published in the Federal Register in the near future, contain informal staff guidance for agency personnel, financial institutions, and the public.
The agencies' staffs are also working to update the 2001 Interagency Questions and Answers to reflect technical changes as well as the substantive regulatory changes that took place in 2005, including the addition of the new intermediate small bank examination method, and the expanded definition of community development applicable to all bank types. When the 2001 Interagency Questions and Answers document is revised and republished later this year, the agencies will publish an integrated document containing the questions and answers that are being published in this final guidance today, and the revised 2001 interagency guidance.
Please distribute copies of this final guidance to your examination staff for their immediate use. If you have any questions, please contact Timothy Burniston, Manager, Reserve Bank Oversight (202-452-3488), or Beverly Smith, Manager, Applications and Special Projects Section (202-452-5291).
Cross Reference: CA 01-7 (July 12, 2001)
Notes:CA letters | 2006 Letters