Understanding the Community Reinvestment Act Modernization Proposal

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On July 12, the Federal Reserve Bank of New York will host a virtual event to update the public on an interagency proposal to modernize regulations implementing the Community Reinvestment Act (CRA). The CRA is a landmark law that requires the Federal Reserve Board and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities where they do business, including low- and middle-income neighborhoods. The last major interagency update of CRA regulations dates back to 1995.

At this event, representatives from the New York Fed and the Federal Reserve Board will provide an overview of the proposal and answer pre-submitted questions about the proposed updates to ARC regulations.

The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency released a joint proposal on May 5, 2022 that would, among other things, expand access to credit, investment and banking services for base in low-income countries. and moderate-income communities, adapt to changes in the banking industry and provide greater clarity, consistency and transparency. The agencies are currently seeking public comment on their joint proposal.

For more information about the proposal or to submit a comment, please visit the Federal Reserve Board’s webpage on the proposed regulations. The deadline for submitting comments is August 5, 2022.

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Event details

Date and hour
July 12, 2022
10:00 a.m. – 11:15 a.m. EDT

Location
This is an exclusively virtual event.

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