The deadline for public comment on suggestions to modernise
the 1977 Community Reinvestment Act (CRA) is less than a month
away, and as the Office of the Comptroller of the Currency
(OCC) waits for a complete response it’s unclear
if it needs to be amended to fit the modern era or totally
The OCC released an
advance notice of proposed rulemaking (ANPR) in August,
inviting comments to 'solicit ideas for building a new
framework to transform or modernise the regulations that
implement the CRA’. The proposed deadline of 75
days lands on November 9.
Bryan Hubbard, director of public affairs at the OCC, told
IFLR that the comments are coming in, and are so far robust and
"We asked a series of questions about what works with the
current framework of the CRA as well as questions on how it can
be improved, specifically around revisiting the...