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OCC, FDIC, and Federal Reserve propose amendments to CRA regulations

CFPB Monitor

After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of proposed rulemaking setting forth proposed amendments to their regulations implementing the CRA.

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OCC issues final CRA rule (but FDIC takes a pass)

CFPB Monitor

The final rule applies to national banks and federal savings associations. Although the OCC’s proposed revisions were issued jointly with the FDIC, the FDIC did not join in the final rule. The OCC has issued a final rule revising its regulation implementing the Community Reinvestment Act (CRA).

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The OCC’s final CRA rule: what changed from the agency’s proposed rule?

CFPB Monitor

According to the agency’s press release , the final rule is designed to increase CRA-related lending, investment and services in low- and moderate-income (“LMI”) communities where there is significant need for credit, responsible lending, and greater access to banking services.

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CARES Act includes provisions affecting financial institutions and their regulation: some key provisions

CFPB Monitor

Section 4008 of the CARES Act authorizes the Federal Deposit Insurance Corporation (FDIC) to establish a debt guarantee program to guarantee the debt of solvent insured depository institutions and depository institution holding companies. Section 4008 – Debt Guaranty Authority. Section 4010 – Temporary Hiring Flexibility.

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Dear Mr./Ms. Bank Regulator

Jeff For Banks

John Whatshisname Examiner In Charge Bank Regulatory Body 1 Bureaucrat Way, NW Washington, DC 20429 Mr. Whatshisname, Below is our response to the Matters Requiring Attention ("MRA") that were included in your most recent examination report on Schmidlap National Bank ("Schmidlap"). That, Mr. Whatshisname, is the definition of tyranny.

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Why Migrant Workers Need Financial Service Offerings All Their Own

PYMNTS

Trust is also an issue, particularly for consumers coming from nations where banking services are far less reliable and trusted than in the U.S.,” And expansion is most definitely on the horizon, Larsson said – because what is most critically clear to the team at Majority is the growing need for the service. headquarters.

Community 126
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Why Migrant Workers Need Their Own Financial Services

PYMNTS

Trust is also an issue, particularly for consumers coming from nations where banking services are far less reliable and trusted than in the U.S.,” And expansion is most definitely on the horizon, Larsson said – because what is most critically clear to the team at Majority is the growing need for the service. headquarters.

Community 116