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FDIC Approves Notice of Proposed Rulemaking Regarding the Community Reinvestment Act of 1977
The Federal Deposit Insurance Corporation (FDIC) today announced approval of a joint interagency notice of proposed rulemaking (NPR) regarding the Community Reinvestment Act (CRA). The CRA directs the federal bank and thrift regulatory agencies to assess a financial institution's record of meeting the credit needs of its entire community, and to consider that record when acting on certain applications for deposit facilities. The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision are expected to announce their approval shortly.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,237 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).
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