Banking Agencies Adopt Clean-up Amendments to Reconcile CRA Regulations with Regulation C
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the FDIC (collectively, the "Agencies") adopted amendments to the Community Reinvestment Act ("CRA") regulations in order to correspond with recent changes to Regulation C made by the Consumer Financial Protection Bureau. The amendments will become effective on January 1, 2018.
The amendments revise the definitions of "consumer loan" and "home mortgage loan," and modify public filing requirements in order to reconcile them with corresponding Regulation C modifications. The amendments also remove obsolete references to the "Neighborhood Stabilization Program."
Regulation C implements the Home Mortgage Disclosure Act. As previously covered, the Agencies have conformed certain definitions in their respective CRA regulations with those in Regulation C. This latest round of amendments conforms recently developed discrepancies between the regimes.
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