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Otting Shares Vision for CRA Modernization

Friday, August 16, 2019   (0 Comments)
Posted by: Amanda Averch
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ABA President and CEO Rob Nichols and a delegation of ABA member bankers, along with other trade associations, met yesterday with Comptroller of the Currency Joseph Otting and senior OCC staff to discuss the ongoing effort to modernize the Community Reinvestment Act. During the meeting, Otting shared his vision for a new CRA regulatory framework and indicated that OCC is continuing to work with the other banking agencies, with the goal of issuing a proposal early in the fall.

 

ABA members emphasized that the rulemaking should ideally be conducted on an interagency basis, and also advocated for a 90-day comment period when the proposal is released. ABA members also shared questions and concerns regarding CRA metrics, assessment areas and potential new reporting requirements

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