District Circular Letters
August 2, 2001
BANKING SUPERVISION AND REGULATION:
PROPOSED RULEMAKING ON COMMUNITY REINVESTMENT ACT (CRA)
To State Member Banks, Bank
Holding Companies, U.S. Branches
and Agencies of Foreign Banks,
and Others Concerned,
in the Twelfth Federal Reserve District
Agencies Approve Advance Notice of Proposed Rulemaking (R-1112)
The federal bank and thrift regulatory agencies have approved a joint
interagency advance notice of proposed rulemaking (ANPR) regarding the
Community Reinvestment Act (CRA). The CRA directs the agencies to assess
a financial institution's record of meeting the credit needs of its entire
community, and to consider that record when acting on certain applications
for deposit facilities. When the agencies revised the CRA regulations
in 1995, they also committed to review the regulations in 2002 to determine
whether the revised regulations had met the goals of more objective, performance-based
CRA evaluations.
The ANPR initiates this review of the CRA regulations. Through the ANPR,
the agencies invite comment on a number of key issues raised since 1995
by representatives of financial institutions, consumer and community groups,
members of Congress, and the public. The agencies also request comment
on other issues related to the CRA regulations, including whether any
change to the regulations would be warranted, and what steps the agencies
might take instead of, or in addition to, revising the regulations.
Comments from the public must be received by October 17, 2001.
Additional Information
All circulars and documents are available on the Internet through the
Federal Reserve Bank of San Francisco's Internet site, at http://www.frbsf.org/banking/letters.
Copies of the Board's notice (Docket R-1112)
are available from our Corporate Services Department. To request copies
to be sent by mail, please call (415) 974-2060.
For additional information about the proposed rulemaking please contact
our Banking Supervision and Regulation Department, at (415) 974-2967.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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