On July 12, the Federal Reserve Bank of New York hosted a virtual event to educate the public on an interagency proposal to modernize regulations implementing the Community Reinvestment Act (CRA). The CRA is a landmark law that requires the Federal Reserve Board and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities where they do business, including low- and moderate-income neighborhoods. The last significant interagency update to CRA regulations was in 1995.
At this event, hosted in partnership with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), representatives from the New York Fed and the Federal Reserve Board provided an overview of the proposal and answered pre-submitted questions about the proposed updates to CRA regulations.
The Federal Reserve Board, the FDIC, and the OCC issued a joint proposal on May 5, 2022 that would, among other things, expand access to credit, investment, and basic banking services in low- and moderate-income communities, adapt to changes in the banking industry, and provide greater clarity, consistency, and transparency. The agencies are currently requesting public comment on their joint proposal.
For more information on the proposal or to submit a comment, please visit the Federal Reserve Board's webpage on the proposed rulemaking. The deadline for submitting comments is August 5, 2022.
July 12, 2022
10:00am - 11:15am EDT
This is a virtual-only event.
This virtual event was intended for banks, consumer and community organizations, CRA stakeholders, and the general public. Ahead of the event, registrants had the opportunity to submit written questions.
The event was livestreamed and recorded. Selected questions submitted upon registration were addressed during the event. There were no live questions.
For media inquiries, please contact Shelley Pitterson at Shelley.Pitterson@ny.frb.org or Ellen Simon at Ellen.Simon@ny.frb.org.
Visit the New York Fed's page on the Community Reinvestment Act
Community Reinvestment Act Proposal Fact Sheet
Visit the New York Fed's page on Community Development
