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Highlights:
- The federal banking and thrift agencies are proposing to amend the CRA regulations to address
the recent statutory amendment made to the CRA by the Higher Education Opportunity Act, which
requires the agencies to consider low-cost education loans to low-income borrowers when
assessing a financial institution's record of meeting community credit needs.
- The proposal also would incorporate into the CRA rules statutory language that allows the
agencies, when assessing an institution's record, to consider, as a factor, joint ventures
undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with
minority- and women-owned financial institutions and low-income credit unions.
The agencies are seeking comment on all aspects of the proposal. For example, the proposal seeks comment
on the following questions:
- Should the definition of "education loans" include private loans not governmentally insured or
guaranteed?
- Should "low income" be defined differently from the way it is currently defined in the
regulations, and in determining income level, how should the agencies treat the student's family
income or expected contribution?
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officers
CRA Officers
Compliance Officers
Related Topics:
Community Reinvestment Act
Attachments:
FDIC PR-98-2009, Joint Release Announcing Notice of
Proposed Rulemaking for Community Reinvestment Act
Community Reinvestment Act Regulations: Joint
Notice of Proposed Rulemaking
Community Reinvestment Act Regulations: Joint
Notice of Proposed Rulemaking - PDF (PDF Help)
Contacts:
Deirdre Foley, Senior Policy Analyst, Compliance Policy Section, at dfoley@fdic.gov or (202) 898-6612; or Susan van den Toorn,
Counsel, at svandentoorn@fdic.gov or (202) 898-8707
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2009/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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