News Release 2005-27 | March 11, 2005

Federal Banking Agencies Publish Proposed Revisions to Community Reinvestment Act Regulations

Joint Release

Board of Governors of the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency

The federal banking agencies today published a joint notice of proposed rulemaking in the Federal Register that would revise certain provisions in their regulations implementing the Community Reinvestment Act (CRA).

The revisions are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs.

The comment period for this joint notice of proposed rulemaking closes on May 10, 2005. The Federal Register notice is attached.

Media Contacts:

Federal ReserveSusan K. Stawick(202) 452-2955
FDICDavid Barr(202) 898-6992
OCCDean DeBuck(202) 874-5770