When was the community reinvestment act

Federal Financial Institutions Examination Council FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System , the Federal Deposit Insurance Corporation , the National Credit Union Administration , the Office of the Comptroller of the Currency , and the Consumer Financial Protection Bureau , and to make recommendations to promote uniformity in the supervision of financial institutions.

The FFIEC website provides detailed information about the regulation and its interpretation and information on CRA examinations, including annually updated lists of distressed or underserved nonmetropolitan middle-income geographies. Skip to content Readability Tools. Reader View. More recently, some economists and policymakers have suggested that the law needs to be revised to make the evaluation process less onerous for banks and to keep up with changes in the industry.

For example, the physical location of bank branches remains a component in the scoring process, even though an increasing number of consumers are conducting their banking online. The proposed changes received more than 7, comments from stakeholders that were submitted in response to the notice of proposed rulemaking announced on December 12, , according to a news release.

The final rule was released on May 20, But Otting said it "strengthened and modernized" the law. He said the final rule increases credit for mortgage origination to promote affordable mortgage availability in lower and moderate income areas, and revises the approach to deposit-based assessment by focusing on the growing number of internet banks and banks that don't rely on brick-and-mortar branches.

Government Segregated America. National Community Reinvestment Coalition. American Banker. Home Ownership. Loan Basics. Company Profiles. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance.

Develop and improve products. List of Partners vendors. Each regulator has a dedicated CRA site that provides information about the banks they oversee and those banks' CRA ratings and Performance Evaluations. The Federal Reserve supervises state member banks--or, state-chartered banks that have applied for and been accepted to be part of the Federal Reserve System--for CRA compliance. To send a comment about the CRA website, please fill out our feedback form.

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