Community Reinvestment Act Joint Final Rule
Summary: | The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (the agencies) are publishing the attached revisions to the Community Reinvestment Act (CRA) regulations. This rule change implements two statutory changes. One requires the agencies, when assessing a financial institution's record of meeting community credit needs, to consider low-cost education loans to low-income borrowers. The other allows the agencies to consider various activities undertaken with minority- and women-owned financial institutions and low-income credit unions. The final rule will take effect on November 3, 2010. |
Highlights:
The final rule on education loans indicates the agencies will consider low-cost
education loans to low-income borrowers as a positive factor when assessing a
financial institution's record of meeting community credit needs under the CRA.
The rule:
The provisions on minority- and women-owned financial institutions and low-income credit unions were previously communicated in Interagency Questions and Answers Regarding Community Reinvestment , published on March 11, 2010 (see FIL-9-2010 ).
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