Community Reinvestment
Regulation BB implements the Community Reinvestment Act of 1977 (CRA), which requires that the federal regulators of banks and thrifts encourage those institutions to help meet the credit needs of the local communities in which they are chartered. The CRA directs the regulatory agencies to assess each institution's record in meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations. The CRA also directs the agencies to take these records into account in evaluating the institutions' applications for deposit facilities, such as a merger with another bank.
Regulation BB implements these requirements and addresses a variety of related matters, including the collection, maintenance, and reporting of data about an institution's performance in meeting the credit needs of its community and the institution's public disclosure of materials evaluating or commenting on its performance. The other three federal bank and thrift regulatory agencies have promulgated regulations substantially identical to Regulation BB.
Announcements
CRA Hearing at Chicago Fed on August 12
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision are holding a series of joint public hearings to receive public comments as they consider updating their regulations governing procedures for assessing a financial institution's performance under the Community Reinvestment Act (CRA). The Chicago Fed hosted on August 12. If you were unable to attend, you may submit comments for the Community Reinvestment Act Regulation Hearings [R-1386] until August 31, 2010. You can review the agenda for the hearing and comments that have been submitted. Podcasts and a transcript of this hearing will be posted to this page in the near future.
Fiscal Impact Tool Software Available
The Federal Reserve Fiscal Impact Tool is an automated process, in the form of an Excel workbook, for estimating the effects of proposed economic development projects on local sales and property tax revenues and on costs to local government. The estimates are based on user-provided information about the project (such as location and number of jobs) and the locality (such as tax rates and one-time government costs); default values embedded in the application that can be modified by the user for greater specificity; and simple assumptions made by the tool's developers. FIT enhances the analysis by providing supplemental information. Software that focuses on data for the Seventh District can be ordered on the Board's website.
Banking Agencies Issue Final Community Reinvestment Act Rules
The federal banking agencies approved final Community Reinvestment Act (CRA) rules that are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs.
Community Reinvestment Act Statute
The Act of 1977, and updates from FIRREA in 1989 and GLB in 1999.
CRA Regulations
Regulations that implement the CRA issued by the four regulatory agencies:
- Board of Governors of the Federal Reserve System (FRB)
- Federal Deposit Insurance Corporation (FDIC)
- Office of the Comptroller of the Currency (OCC)
- Office of Thrift Supervision (OTS)
- Interagency Questions and Answers
Answers to questions pertaining to CRA regulations, provided by the agencies.
Public Evaluations
Performance evaluations and CRA ratings made public. To find out which of the below agencies regulates the institution for which you're looking, or to obtain CRA ratings, visit the FFIEC Web site.
Examination Procedures
- Large Institutions
- Small Institutions
- Limited Purpose and Wholesale Institutions
- Institutions with Strategic Plans
