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FRS RIN: 7100-AF94 Publication ID: Fall 2021 
Title: Regulation BB--Community Reinvestment Act (Docket No: R-1723) 
Abstract:

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are developing a proposed rule to modernize the regulatory and supervisory framework for the Community Reinvestment Act (CRA) in order to more effectively meet the needs of low- and moderate-income (LMI) communities and address inequities in credit access.  This includes accounting for changes in the banking system, applying metrics to certain CRA evaluation standards, and providing greater clarity regarding CRA-eligible activities.

The agencies’ CRA regulations were last substantially updated in 1995.  Stakeholders have provided feedback on modernizing the regulations.  Along with general support for the CRA and its goals, common themes include the need for: (1) Greater clarity on where banks’ activities will be assessed; (2) additional incentives for banks to serve LMI, unbanked, underbanked, and rural communities; (3) greater clarity regarding performance measures and the basis for assigning ratings; and (4) minimizing bank recordkeeping and reporting burden.

 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 228   
Legal Authority: 12 U.S.C. 2901 et seq.   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Board Requested Comments  10/19/2020  85 FR 66410   
Board Expects Further Action  03/00/2022 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Caroline (Carrie) Johnson
Manager
Federal Reserve System
Division of Consumer and Community Affairs,
Washington, DC 20551
Phone:202 452-2762

Cathy Gates
Senior Project Manager
Federal Reserve System
Division of Consumer and Community Affairs,
Washington, DC 20551
Phone:202 452-2099

Amal Patel
Counsel
Federal Reserve System
Division of Consumer and Community Affairs,
Washington, DC 20551
Phone:202 912-7879