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View ICR - OIRA Conclusion

OMB Control No: 1557-0160	ICR Reference No: 202312-1557-005
Status: Active	Previous ICR Reference No: 202202-1557-003
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Community Reinvestment Act Regulation
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/14/2024
	Date Received in OIRA: 12/20/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2027	36 Months From Approved	03/31/2024
Responses	2,407	0	2,158
Time Burden (Hours)	130,891	0	113,351
Cost Burden (Dollars)	0	0	0

Abstract: The Community Reinvestment Act (CRA) is designed to encourage regulated banks to help meet the credit needs of the local communities in which they are chartered, consistent with safety and soundness. Specifically, Congress found that “(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business; (2) the convenience and needs of communities include the need for credit as well as deposit services; and (3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.” The CRA statute requires the agencies to “assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.” Upon completing this assessment, the statute requires the agencies to “prepare a written evaluation of the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods.” In addition, the statute requires making portions of these written evaluations, referred to by the agencies as performance evaluations, available to the public. The statute further provides that each agency must consider a bank’s CRA performance “in its evaluation of an application for a deposit facility by such institution.” This ICR is being submitted in connection with an interagency final rule issued by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation to strengthen and modernize their regulations implementing the CRA.

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	2,407	2,158	-14	263
Annual Time Burden (Hours)	130,891	113,351	-27,567	45,107
Annual Cost Burden (Dollars)	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The increase in burden is due to the changes made by the final rule.

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Heidi Thomas 202 874-5090 heidi.thomas@occ.treas.gov

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