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Inactive Financial Institution Letters 

Community Reinvestment Act

FIL-113-97
October 24, 1997

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Rescission of Community Reinvestment Act Policy Statement
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The FDIC Board of Directors has rescinded the 1979 Community Reinvestment Act (CRA) Statement of Policy as part of the Corporation's systematic review of its regulations and written policies under the Riegle Community Development and Regulatory Improvement Act of 1994.

The policy statement became obsolete in 1995 when Part 345 (Community Reinvestment) of the FDIC's rules and regulations was amended. Part 345, as amended, reduces unnecessary regulatory burden. It also replaces the 12 assessment factors contained in the 1979 rule and policy statement with a more performance-based evaluation process to assess a bank's record in meeting the credit needs of its community, including low- and moderate-income neighborhoods.

The rescission of the policy statement does not reflect any substantive change in the FDIC's supervisory view toward insured state nonmember banks' compliance with the CRA and Part 345.

For further information, please contact Louise Kotoshirodo, Review Examiner in the Division of Compliance and Consumer Affairs, at (202) 942-3599.


Carmen J. Sullivan
Director

Attachment: Federal Register, Oct. 17, pp 54112-54113; available on the FDIC web site: /news

Distribution: FDIC-Supervised Banks (Commercial and Savings)

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Last Updated 07/16/1999 communications@fdic.gov