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Regulatory Roundup: Agencies list communities eligible for CRA credit

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Banking, Industry Regulation
Tuesday, July 16, 2024

Financial institutions interested in earning credit for banking activities covered under the Community Reinvestment Act (CRA) will be interested in an updated list of eligible underserved communities published by banking regulators.

Learn more about this and other recent developments at federal agencies in this regulatory roundup:

Agencies release list of CRA-eligible communities

Federal banking agencies released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where banks may earn CRA credit for revitalization or stabilization activities. These eligibility designations reflect local economic conditions, including unemployment, poverty, and population changes, according to the Federal Reserve. Eligible activities may receive CRA credit consideration under the law’s “community development” definition for 12 months after publication of the current list. The agencies apply a one-year lag period for geographies included in the 2023 list but are no longer designated as distressed or underserved in the current list. The updated list and other details are available here. The definition of “community development” is among the long list of CRA elements subject to changes approved by federal banking agencies earlier this year and covered in the Dodd Frank Update report on “CRA and Affordable Housing.” 

FHFA releases historical credit score data

Fannie Mae and Freddie Mac are making historical VantageScore 4.0 credit scores available to approved users as a means to support the enterprises’ transition to updated credit score and credit report requirements, according to the Federal Housing Finance Agency (FHFA). The historical credit scores for each enterprise are associated with single-family loans purchased by each enterprise between April 2013 and March 2023. This comprehensive data reflects the period for which trended consumer credit data is reliably available across the three nationwide consumer reporting agencies, and is meant to help market participants better analyze and understand the new credit score models validated and approved for use by the enterprises. The historical credit scores are available for download at the enterprises’ respective websites. Learn more here.

FTC chair testifies before Congress regarding 2025 budget

Federal Trade Commission (FTC) Chair Lina Khan detailed the agency’s efforts to protect consumers, workers, and small businesses while testifying before the House Energy and Commerce Subcommittee on Innovation, Data and Commerce regarding its fiscal year 2025 budget. Khan covered the FTC’s work to promote data privacy and security; fight fraud, junk fees, and related harms affecting all consumers, including older adults, servicemembers, and historically underserved communities, among other things. Find more information here.

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