Community development initiatives are a major focus of federal regulators charged with ensuring financial institutions create a positive impact for the communities they serve.
This regulatory roundup offers a brief overview of newly available information about Community Reinvestment Act (CRA) examinations and the recent deadline extension for credit unions to apply for grant funding to invest in their communities:
NCUA announces CDRLF grant deadline extension
Credit unions will have a few more days to apply for funding through the National Credit Union Administration’s (NCUA) 2024 Community Development Revolving Loan Fund (CDRLF) grant program. The agency extended the application deadline until July 12. The agency stated it will administer more than $3.4 million in CDRLF grants to the “most-qualified” applicants, subject to the availability of funds. For details about submitting an application, visit the grants page on the NCUA website. A webinar explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
OCC releases CRA examination results from June
The Office of the Comptroller of the Currency (OCC) released results from CRA performance evaluations finalized in June. The 21 evaluations feature those from examinations of national banks, federal savings associations, and insured federal branches of foreign banks. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. One bank was rated as needing improvement, 14 rated satisfactory, and six received outstanding ratings. The full list of evaluations is available here.
FDIC publishes list of banks examined for CRA compliance
The Federal Deposit Insurance Corporation (FDIC) published a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list includes CRA ratings assigned to institutions in April. The CRA requires the FDIC to assess a bank’s record of meeting its entire community’s credit needs, including consumers in low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990. The list is available here.
SEC updates website to be more compliant, user-friendly
The Securities and Exchange Commission (SEC) updated its website to improve compliance with federal statutes and enhance functionality for investors, issuers, and the general public. The enhancements align the site with the 21st Century IDEA, U.S. Web Design Standards, and Section 508 of the Rehabilitation Act, featuring a responsive design, better mobile usability, enhanced search capabilities, and streamlined content organization, according to an agency press release. These updates include a more intuitive information architecture to simplify public access to documents and regulatory updates, including a new “Quick Links” section on the homepage helps users quickly find popular content based on web traffic and user feedback, as well as a “Tips and Complaints” wizard to guide users to the appropriate forms for reporting misconduct or seeking assistance. Learn more here.