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FRS RIN: 7100-AD50 Publication ID: Spring 2011 
Title: Regulation BB-Proposed Rule to Revise CRA Regulations to Support Activities Under the Neighborhood Stabilization Program (Docket No. R-1387) 
Abstract: The Board of Governors of the Federal Reserve System (Board), together with the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (collectively, the Agencies), on June 24, 2010, published a notice of proposed rulemaking to revise provisions of the Agencies' respective regulations implementing the Community Reinvestment Act (CRA), 12 USC 2901 et seq. (75 FR 36016). Specifically, the Agencies proposed to revise the definition of the term "community development" under their respective implementing regulations to include loans, investments, and services that support, enable, or facilitate projects or activities that meet the criteria described in section 2301(c)(3) of the Housing and Economic Recovery Act of 2008 (HERA) and are conducted in designated target areas identified in plans approved by the U. S. Department of Housing and Urban Development under the Neighborhood Stabilization Program (NSP) established pursuant to HERA. The Agencies proposed to provide favorable CRA consideration to such activities that, pursuant to the requirements of the NSP, benefit low-, moderate-, and middle-income individuals and geographies in designated target areas. Such consideration would include covered activities within an institution's assessment area(s) and outside of its assessment area(s), as long as the institution adequately has addressed the community development needs of its assessment areas. As proposed, favorable consideration would be available only for activities conducted within two years after the last date appropriated funds for the program are required to be spent by NSP grantees. The comment period for the proposed rulemaking ended on July 26, 2010. The Board expects final action by the Agencies to occur in October 2010. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 228   
Legal Authority: 12 USC 321    12 USC 325    12 USC 1828(c)    12 USC 1842 to 1844    12 USC 2901 et seq   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Comment Period Ended  07/26/2010  75 FR 36016   
Board Issued Final Rule  12/20/2010  75 FR 79278   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Paul Robin
Manager
Federal Reserve System
Reserve Bank Oversight and Policy,
Phone:202 452-3140