The Community Reinvestment Act of 1977
(CRA) requires the Office of the Comptroller of the Currency (OCC),
Federal Deposit Insurance Corporation (FDIC), and Board of
Governors of the Federal Reserve System (Board) (collectively, the
agencies) to assess the record of banks and savings associations in
helping to meet the credit needs of their entire communities,
including low- and moderate-income neighborhoods, consistent with
safe and sound operations; to take this record into account in
evaluating applications for mergers, branches, and certain other
corporate activities; and to make certain sections of its written
evaluation of a bank’s CRA performance public . Further, the CRA
requires the agencies to issue regulations to carry out its
purposes. The OCC’s CRA regulation is set forth at 12 CFR part 25.
The agencies are proposing to rescind their final rule implementing
the CRA issued on October 24, 2023, and published in the Federal
Register on February 1, 2024, as subsequently amended (2023 CRA
Final Rule). The agencies also are proposing to replace the 2023
CRA Final Rule with regulations adopted by the agencies and the
former Office of Thrift Supervision (OTS) on May 4, 1995, as
amended, and as published in the Electronic Code of Federal
Regulations as of March 29, 2024 (1995 CRA regulations), with minor
technical amendments to the definition of “small bank” and the
OCC’s transition provisions. If adopted, the proposal would restore
certainty in the CRA framework for stakeholders and limit
regulatory burden on banks, while ensuring that banks continue to
focus on the purpose of the CRA.
The decrease in burden is
predominantly due to changes in the number of banks subject to the
CRA regulations and the increase in the small bank asset size
threshold.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
1557-0357 CRA NPR Recission Supporting Statement Submitted to OMB.docx
Content and availability of public file and public notice: 25.43 and 25.44 - Disclosure