On 2/14/2022, Acting Comptroller of the Currency Michael J. Hsu spoke before the National Community Reinvestment Coalition where he announced that the OCC, the Federal Reserve, the FDIC will release a joint CRA Notice of Proposed Rulemaking (NPR) in the not-too-distant future. This step, according to Hsu, is aimed at strengthening and modernizing the regulation implementing the CRA in order to expand financial access and inclusion for low- and moderate-income (LMI) communities.
In his speech, Hsu talked about CRA’s history as well as the persistence of disparities and gaps in wealth and economic opportunities. He emphasized the importance of modernized CRA regulations to ensure more and better CRA investments and to reflect changes in the business of banking, in particular the increased use of mobile and internet delivery channels.
Read the full speech here.
