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Inactive Financial Institution Letters


August 2, 2001

SUBJECT: Advance Notice of Proposed Rulemaking
Regarding the Community Reinvestment Act

The four federal financial supervisory agencies-the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision-published the attached joint "Advance Notice of Proposed Rulemaking" (ANPR) regarding the Community Reinvestment Act (CRA) in the Federal Register on July 19, 2001.

When revised CRA rules were published in 1995, the agencies committed to undertake a comprehensive review of the regulations to ascertain whether the performance-based evaluation standards had minimized compliance burden and fostered improved performance. The ANPR marks the initial stage of the assessment of the effectiveness of the regulations in achieving the goals stated during the 1995 CRA reform: emphasizing an institution's performance in, instead of the process for, meeting its CRA obligations; promoting consistency in CRA evaluations; and eliminating unnecessary burden.

We invite public comment to determine whether, and to what extent, the regulations should be amended to better evaluate the performance of financial institutions under CRA. The ANPR seeks comment on a broad range of questions, including the fundamental issue of whether any revision to the regulations is beneficial or warranted. Comments and suggestions about other aspects of the CRA regulations are also welcome.

The agencies will accept comments on the ANPR until October 17, 2001. You may use the Electronic Public Comment (EPC) site at to send your comments electronically to the FDIC during the comment period. Comments submitted through the EPC site will receive the same consideration as comments submitted in other formats.

The ANPR is available on the FFIEC's Web site at and on the FDIC's Web site at

In a related matter, the "Interagency Questions and Answers Regarding Community Reinvestment," which provide interpretative guidance about the regulations, were published in the Federal Register on July 12, 2001. This document can be found on the FFIEC's and the FDIC's Web sites. See FIL-64-2001, dated August 2, 2001, which discusses the Q&As and attaches the July 12, 2001, Federal Register notice.

For more information, please contact Robert W. Mooney, Assistant Director, Division of Compliance and Consumer Affairs, on 202-942-3378; Deanna Caldwell, Senior Policy Analyst, on 202-942-3366; Stephanie Caputo, Fair Lending Specialist, on 202-942-3413; or Ann Johnson, Counsel, Legal Division, on 202-898-3573.

Stephen M. Cross

Attachment: July 19, 2001, Federal Register, pages 37602-37608
HTML or PDF (63 KB File - PDF Help or Hard Copy)

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 08/02/2001

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