At a roundtable discussion hosted by the Federal Reserve Board, bankers and community groups described their experiences with Community Reinvestment Act implementation and proposed amendments to better address underserved areas.
FDIC Chair Jelena McWilliams "challenged" the agency to increase its efforts to understand and address "the needs of our communities and the banks that serve them."
House Financial Services Committee Chair Maxine Waters (D-CA) asked the Federal Reserve Board and FDIC for more time to review the proposed merger of BB&T Corporation with SunTrust Banks, Inc.
Federal Reserve Board Governor Lael Brainard emphasized the need to clarify the current assessment area definition under the Community Reinvestment Act.
Federal Reserve Board Governor Lael Brainard summarized feedback by academics, banks, trade associations and community and consumer groups on a proposal to reform the Community Reinvestment Act.
In a Bulletin, the Office of the Comptroller of the Currency reminded banks of annual adjustments, which took effect on January 1, 2019, amending the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank" and "intermediate small savings association" under the Community Reinvestment Act.
The Office of the Comptroller of the Currency, the Federal Reserve Board and the FDIC adopted their annual adjustments to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank" and "intermediate small savings association" under the Community Reinvestment Act.
Federal Reserve Board Governor Lael Brainard outlined several ways to improve the effectiveness of the Community Reinvestment Act and to increase available credit in lower-income areas.