Bankers, ABA staff meet with OCC on CRA modernization
AML AND COMPLIANCE NEWS |
A delegation of 15 American Bankers Association (ABA) member bankers met with senior Office of the Comptroller of the Currency (OCC) staffers on Tuesday to present ideas for modernizing the regulations that implement the four-decade-old Community Reinvestment Act (CRA). The delegation discussed recommendations made in the white paper on CRA reform that ABA issued in December. The participants represented banks with a wide variety of asset sizes and business models.
The OCC has recently taken the lead on updating the old regulatory and supervisory framework for CRA and expects to issue a formal request for public input soon. The comptroller has said that the current CRA plan needs to be simplified and clarified as to what CRA is and how success should be measured. The need for this simplicity has been growing and was emphasized by the ABA in the December 2017 white paper. The OCC has said that CRA evaluations should include small business lending and added that banks should receive more frequent feedback with clearer metrics.