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Highlights:
As a result of the changes to the Community
Reinvestment Act (CRA) regulations in 2005,
subsequent changes to the Interagency Q&As to
reflect those regulatory changes, and the need to
revise certain Interagency Q&As issued in 2001, the
federal banking and thrift regulatory agencies have
developed the attached new and revised Interagency
Q&As and are seeking public comment on them.
- Some of the revisions are intended to encourage institutions to work with homeowners
who are unable to make mortgage payments, noting that institutions can receive CRA
consideration for foreclosure prevention programs for low- and moderate-income
homeowners, consistent with the interagency Statement on Working with Mortgage
Borrowers issued on April 17, 2007.
- The revisions clarify that institutions of all sizes should receive favorable
consideration for providing credit in a manner that is responsive to the needs of their
communities. Such activities include, for example, offering affordable small loan
programs.
- There are nine new Interagency Q&As as well as substantive and technical revisions to
existing ones.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
CRA Officers, Compliance Officers, and
Chief Executive Officers
Related Topics:
12 CFR Part 345
Interagency Statement on Working With Mortgage Borrowers
Attachment:
Proposed Interagency Questions
and Answers Regarding Community Reinvestment - (PDF Help)
Contact:
Faye Murphy, Fair Lending Specialist, Compliance
Policy and Examination Support, fmurphy@fdic.gov
or (202) 898-6613; or
Mira Marshall, Acting Chief, CRA and Fair Lending
Section, mmarshall@fdic.gov or (202) 898-3912
Note:
FDIC financial institution letters (FILs) may be
accessed from the FDIC's Web site at
www.fdic.gov/news/news/financial/2007/index.html.
To receive FILs electronically, please visit
http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may
be obtained through the FDIC's Public Information
Center, 3501 Fairfax Drive, E-1002, Arlington, VA
22226 (1-877-275-3342 or 703-562-2200).
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