Community Reinvestment Act: rework or revamp?

Author: John Crabb | Published: 17 Oct 2018

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 reworked.

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 numerous.

"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...