Three Cheers for the OCC
The Biden administration is entirely correct to scrap its predecessor’s controversial revamp of anti-redlining regulations.
OCC Drops Trump-Era CRA Reform
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
Community Groups Watch for Effects of Mergers
The mergers and acquisitions transforming the Massachusetts banking industry this year will also have a significant effect on another group: the community development organizations that partner with banks on affordable housing and lending programs.
OCC to Reconsider CRA Changes
The Biden administration said Tuesday it will repeal changes made by the Trump administration to a law aimed at stopping banks from discriminating against racial minorities and the poor.
OCC Looking to Build New CRA Measurements
The regulator wants feedback from banks before creating new performance standards for its controversial revamp of the anti-redlining law.
Banks Can Leverage their Existing Infrastructure to Boost Equity
Developing new products with CDFIs and other nontraditional financial institutions will limit risk to banks and open doors to new customer bases in a responsible way.
Fed Offers its Own CRA Reform Package
Another attempt to overhaul the Community Reinvestment Act moved forward yesterday as the Federal Reserve released its proposal to modernize the legislation that encourages financial institutions to meet community credit needs.
Deep Roots Underlie Lending Disparities in Massachusetts
The banking industry has a long history of contributing to ongoing racial inequities with its lending policies and practices, but some banks want to reverse this damage.
Warren Wades Into CRA Reform Fight
Massachusetts’ senior senator wants the interim head of the Office of the Comptroller of the Currency to rescind his predecessor’s efforts to update the agency’s Community Reinvestment Act regulations.
OCC CRA Changes Could Complicate Housing Finance
As banks have sought opportunities to satisfy Community Reinvestment Act requirements by lending in low- and moderate-income communities, affordable housing organizations have found willing partners for their projects.
OCC Head Otting to Step Down Next Week
A day after releasing long-planned updates to the Community Reinvestment Act, Comptroller of the Currency Joseph Otting resigned, effective May 29. The OCC’s first deputy and Chief Operating Officer, Brian Brooks, will become acting comptroller of the currency, the OCC announced Thursday.
OCC Releases Final CRA Rule Without FDIC Support
Five months after issuing a proposal to update the Community Reinvestment Act, the Office of the Comptroller of the Currency today released its final rule.
Boston Private Joins Criticism of CRA Reform as OCC Pushes Ahead
Even as many banks and housing agencies remain focused on the financial crisis caused by the coronavirus pandemic, two federal bank regulators plan to move forward with changes to the Community Reinvestment Act.
Banks to Receive CRA Credit for COVID-19 Lending
Banks responding to the needs of low- and moderate-income communities during the economic crisis caused by the coronavirus will receive credit for these activities under the Community Reinvestment Act, according to a joint statement from the three federal bank regulators.
CRA Comment Period Extended Following Outcry
The FDIC and Office of the Comptroller of the Currency have changed course and extended the public comment period for proposed changes to the Community Reinvestment Act.
OCC, FDIC Release Proposed CRA Changes
If adopted, the rules would clarify what qualifies for credit under the CRA and where it qualifies. CRA regulations were adopted in 1977, and the last substantive changes were in 1995.
Opening Doors in Roxbury
Roxann Cooke is the New England regional director of JPMorgan Chase, which recently made a big splash in the state by pledging to open 50 retail branches in the Greater Boston area. Approximately 30 percent of branches will be in low- to moderate-income communities.
BankFive Receives Outstanding Score on CRA Exam
Fall River-based BankFive has received an outstanding on its most recent Community Reinvestment Act evaluation.
Partnerships Between Banks and Nonprofits Benefit Everyone
Partnerships between financial institutions and nonprofit organizations that go beyond the traditional relationship benefit both parties, leading to richer, more fruitful benefits for everyone involved.
Economic Opportunity Zones Could Help Banks Boost CRA Credit
Lawmakers in Washington spent the last few months of 2017 arguing over the Tax Cuts and Jobs Act, which would eventually pass, slashing the corporate income tax and reducing the income tax, along with a host of other provisions.
