Agency officials offered insight about their new proposal to clarify and modernize Community Reinvestment Act requirements during a press conference hosted by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. prior to releasing a joint advance notice of proposed rulemaking on the matter.
In addition to addressing what activities qualify for CRA credit and they are quantified, the agencies have proposed new criteria encompassing banks that conduct most of their deposit business online.
Learn more details about the agencies’ proposal.