Community Reinvestment Act Regulations; Proposed Rule

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The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, (collectively, the Federal financial supervisory agencies or agencies) propose to revise their regulations concerning the Community Reinvestment Act (CRA). The agencies published a joint notice of proposed rulemaking on this issue on December 21, 1993 (December proposal). The revised proposal published today reflects comments received on the December proposal and the agencies' further internal considerations. The purpose of the CRA regulations is to implement the continuing and affirmative obligation of regulated financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations and to provide guidance on how the agencies assess the performance of institutions in meeting that obligation. The revised proposal would provide guidance to financial institutions on the nature and extent of their CRA obligation and the methods by which the obligation will be assessed and enforced. The proposed procedures seek to