CRA Proposed Rule Published: Comments Due October 13

60-Day Shot Clock:

As a follow-up to the earlier Housing Advisory Group CRA update this week, we want to share that the Notice of Proposed Rulemaking (NPR) for CRA regulations was published in the Federal Register yesterday, with a deadline of Tuesday, October 13, for comments. The industry is currently measuring the possible impact of the proposed change in bank designations through a national survey, and those results, along with an evaluation of other changes in the proposed rule, will dictate our collective response.

We will be submitting a response to the NPR from the Housing Advisory Group and encourage you to do the same. We also ask our state association members to both consider a response from the association and share materials with your members so they may also submit comments to the NPR. We will provide you with data and sample narratives for your consideration well before the October 13th deadline for comments.

Thank you.