Community Reinvestment Act Proposed Rulemaking

The Community Reinvestment Act, or CRA, was signed into law in 1977 and is a seminal piece of legislation to address inequities in access to credit for low- and moderate-income individuals and communities. After receiving substantial feedback from stakeholders, the Board, the FDIC, and the OCC have issued a notice of proposed rulemaking that would amend their regulations implementing the CRA. The agencies' objectives include updating the CRA regulations to strengthen the achievement of the core purpose of the statue, and to adapt to changes in the banking industry, including the expanded role of mobile and online banking.

Notice of Proposed Rulemaking (NPR)

The Board, along with the FDIC and the OCC, issued an NPR on May 5, 2022. The deadline for submitting comments on the NPR is August 5, 2022.

Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.

For additional details on submitting a comment, please reference the Board's Instructions in the NPR.

Press release
May 5, 2022
Agencies issue joint proposal to strengthen and modernize Community Reinvestment Act regulations

Board memo
May 5, 2022
Board Memo on Notice of Proposed Rulemaking – Community Reinvestment Act (Regulation BB) (PDF)

Statements
May 5, 2022
Statement by Governor Lael Brainard
Statement by Governor Michelle Bowman

Interagency Webinar
May 11, 2022
Community Reinvestment Act (CRA) Reform Update: Overview of the Interagency CRA Notice of Proposed Rulemaking

Resources

CRA Analytics Data Tables
The CRA Analytics Data Tables contain data used to conduct analyses described in the NPR. These data tables combine CRA small business and small farm data, Home Mortgage Disclosure Act data, and manually extracted data from CRA performance evaluations. Bank and community attributes (e.g., assets, deposits, branching, and information about communities, such as the percentage of low- and moderate-income households) and other third-party vendor data supplement information provided in the data tables.

Proposed Retail Lending Test Thresholds Search Tool
To aid stakeholders in understanding the proposed Retail Lending Test approach, this search tool provides illustrative examples of retail lending thresholds for home mortgage, small business, and small farm loan products using historical data from 2017-2019. Due to data limitations, the approach used to develop these illustrative examples is similar to, but not identical to, the methodology proposed in the NPR.


Advance Notice of Proposed Rulemaking

The Board published for public comment an advance notice of proposed rulemaking (ANPR) in September 2020 to solicit public input regarding updating the Board's CRA regulatory and supervisory framework. The Board sought comment on all aspects of the ANPR and requested commenters to identify other issues that the Board should consider. The ANPR, its supporting materials, and the comments received provided a basis for the agencies' NPR.

Press release
September 21, 2020
Federal Reserve Board issues Advance Notice of Proposed Rulemaking on an approach to modernize regulations that implement the Community Reinvestment Act

Open Board meeting
September 21, 2020

Graphic
ANPR Retail and Community Development Tests (PDF)
A set of graphics to visually depict the Retail and Community Development tests outlined in the Federal Reserve's CRA ANPR.

Webinar
September 24, 2020
Modernizing the Community Reinvestment Act (CRA): An overview of the Federal Reserve Board's Advance Notice of Proposed Rulemaking

FedCommunities blog post by Governor Brainard
June 4, 2021
"Why is CRA reform necessary?"

 

Speeches

Governor Lael Brainard
December 17, 2020
Modernizing and Strengthening CRA Regulations: A Conversation with the Consumer Bankers Association

Governor Lael Brainard
December 1, 2020
Modernizing and Strengthening CRA Regulations: A Conversation with the Chicago Community Trust

Governor Lael Brainard
November 10, 2020
Modernizing and Strengthening CRA Regulations: A Conversation with the National Congress of American Indians

Governor Lael Brainard
October 20, 2020
Modernizing and Strengthening CRA Regulations: A Conversation with the Housing Community

Governor Lael Brainard
October 15, 2020
Modernizing and Strengthening CRA Regulations: A Conversation with Minority Depository Institutions

Governor Lael Brainard
October 1, 2020
Modernizing and Strengthening CRA Regulations: Hearing from Community Banks

Governor Lael Brainard
September 21, 2020
Strengthening the CRA to Meet the Challenges of Our Time

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Last Update: May 16, 2022