#2022-06, February 18, 2022

Acting Comptroller Indicates Agencies Will Issue CRA NPR Soon

In remarks at a National Community Reinvestment Coalition (NCRC) event this week, Acting Comptroller of the Currency Michael Hsu indicated that he expects the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve will issue a proposal to update and modernize the Community Reinvestment Act (CRA) regulations in the “not-too-distant future.”   The Fed’s 2020 advance notice of proposed rulemaking (NPR) on CRA modernization is serving as the basic framework for the interagency conversations about the proposal.

He also noted that the revised regulations will help increase levels of CRA activity to help address existing disparities and ensure that banks are being responsive the local needs of low- and moderate-income communities. Hsu added that he believes it is important to increase the “clarity, consistency and transparency” of CRA supervisory expectations and standards regarding activities that are eligible for CRA credit and how eligible activities are evaluated.  He also noted that CRA standards should be updated to reflect “changes in the business of banking,” in particular the increased use of mobile and internet delivery channels.

To read Acting Comptroller Hsu’s remarks, click here.

Registration for ABA Washington Summit and ICBA Capital Summit Now Open

The American Bankers Association (ABA) is hosting its annual Washington Summit in Washington, DC on March 7-9, 2022.  The meeting will feature opportunities to hear from key federal policymakers and regulators throughout the conference.  In conjunction with the Washington Summit, ABA is also hosting the Mutual Community Bank Forum, Emerging Leaders Forum, and the Women’s Leadership Forum.  The program will be available in a virtual, livestream format this year, so staff at your bank can participate without traveling to Washington.

For more information on ABA’s Washington Summit and to register, click here.

In addition, the Independent Community Bankers of America (ICBA) recently announced that registration is now open for the Capital Summit, which will be held on May 1-4, 2022 in Washington.  Invited speakers include Treasury Secretary Janet Yellen and Senate Banking Committee member Tim Scott (R-SC).

For more information on ICBA’s Capital Summit and to register, click here.

Bankers planning to attend should note that the District of Columbia has implemented a citywide vaccination entry requirement, which requires establishments to verify that patrons are vaccinated against COVID-19.  This includes the hotels which serve as the sites of the Washington Summit and the Capital Summit.  

Attendees will be required to provide their vaccination status to enter meeting rooms in the hotels as well as restaurants and certain other public spaces.  Mask use will also be required in most public spaces unless actively eating or drinking.  We encourage you to plan accordingly.  If health and safety protocols change, we will provide updates in future Washington Updates.

Regulators Hosting Virtual Community Reinvestment Conference

On March 15-17, the federal banking regulatory agencies will host the 2022 virtual National Interagency Community Reinvestment Conference.  The biennial conference offers participants the opportunity to learn about the CRA, participate in regulator-led training on CRA examinations and discuss best practices, emerging ideas, and challenges in community development.

To learn more and register for the conference, click here.