The Federal Reserve’s Advance Notice of Proposed Rulemaking on Community Reinvestment Act Reform: Ten Things to Know

The Federal Reserve’s Advance Notice of Proposed Rulemaking on Community Reinvestment Act Reform: Ten Things to Know

October 6, 2020, Covington Alert

On September 21, the Federal Reserve released an advance notice of proposed rulemaking ("ANPR") to solicit views on potential changes to the agency's Community Reinvestment Act regulations. The Board’s issuance of the ANPR follows the May 2020 release of a final rule by the OCC that substantially reforms the OCC’s CRA regulations. The ANPR's unusual level of detail highlights both clear similarities and differences with the approach taken in the OCC’s final rule.