Fiduciary Powers of Federal Savings Associations; Community Reinvestment Act

Zusammenfassung

The Office of Thrift Supervision (OTS) proposes to revise its fiduciary powers regulations in order to promote the more efficient operation and supervision of Federal savings associations' fiduciary activities. The proposed changes are intended to update, clarify, and streamline OTS regulations, to incorporate significant interpretive guidance, and to eliminate unnecessary regulatory burden. OTS proposes these revisions pursuant to the Regulatory Reinvention Initiative of the Vice President's National Performance Review (Reinvention Initiative) and section 303 of the Community Development and Regulatory Improvement Act of 1994 (CDRIA). OTS also proposes to amend its Community Reinvestment Act (CRA) regulations. The proposed change would bring the scope of OTS's CRA regulation into accord with the CRA regulations of the other federal banking agencies. It would exempt from the CRA regulations savings associations that do not perform commercial or retail banking services by granting credit to the public in the ordinary course of business.