Community Reinvestment Act Issuance of Final Interagency Questions and Answers on CRA; Request for Comment on Two Proposed Revised and One New Question and Answer
FIL-6-2009 January 28, 2009
The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have published the attached final Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers). The agencies also have published for comment one new and two revised questions and answers. The final Questions and Answers took effect when published in the Federal Register on January 6, 2009. Comments on the proposed questions and answers are due by March 9, 2009.
The federal banking and thrift agencies have adopted the attached final Interagency Questions and Answers Regarding Community Reinvestment, which interpret the agencies' CRA regulations. The final Questions and Answers include nine new questions and answers and substantive changes to 14 existing questions and answers proposed in 2007.
The new and revised Questions and Answers encourage financial institutions to participate in foreclosure prevention programs with the objective of providing affordable, sustainable, long-term loan restructurings or modifications for homeowners facing foreclosure on their primary residences.
The Questions and Answers also address activities undertaken by a majority-owned financial institution in cooperation with a minority- or women-owned financial institution or a low-income credit union.
The Questions and Answers consolidate and supersede all previously published CRA Interagency Questions and Answers.
The agencies also have proposed for comment one new and two revised questions and answers.
FDIC-Supervised Banks (Commercial and Savings)