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TREAS/OTS

RIN: 1550-AB48

Publication ID: Spring 2004

Title: Community Reinvestment Act
Abstract: The OCC, Board, FDIC, and OTS did a review of the agencies' Community Reinvestment Act (CRA) regulations. The agencies issued a joint advance notice of proposed rulemaking (ANPRM) seeking public comment on a wide range of questions as part of the review. The agencies issued a joint notice of proposed rulemaking, following their review of the CRA regulations which included an analysis of about 400 comments received on the ANPRM. The comments reflected a general consensus that fundamental elements of the regulations are sound, but indicated a profound split over the need for, and appropriate direction of, change. In an effort to keep pace with changes in the financial services industry, the agencies proposed changes to the CRA in two areas: 1) to reduce burden, it would raise the asset threshold for being a "small institution" from $250 million to $500 million and drop the holding company test; and 2) to address abusive lending practices, it would provide for taking into account in assessing an institution's CRA performance, evidence that the institution (or any of the institution's affiliates the loans of which are considered) has engaged in specified discriminatory, illegal, or abusive credit practices in connection with certain loans.
Agency: Department of the Treasury(TREAS)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: None (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Not Yet Determined

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Joint ANPRM	07/19/2001	66 FR 37602
Joint ANPRM Comment Period End	10/17/2001
NPRM	02/06/2004	69 FR 5729
NPRM Comment Period End	04/06/2004
Final Rule	08/00/2004

Regulatory Flexibility Analysis Required: Undetermined	Government Levels Affected: None
Federalism: No
Included in the Regulatory Plan: No
Related Agencies: Joint: TREAS/OCC, FRS, FDIC;
Agency Contact: Richard Bennett Senior Compliance Counsel, Regulations and Legislation Division Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-7409 Theresa A. Stark Project Manager, Compliance Policy Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-7054 Celeste Anderson Senior Project Manager, Compliance and Consumer Protection Department of the Treasury Office of Thrift Supervision 1700 G Street NW., Washington, DC 20552 Phone:202 906-7990