Federal Deposit Insurance Corporation
550 17th Street NW, Washington, DC 20429-9990
Financial Institution Letter
FIL-35-2009
June 24, 2009
Community Reinvestment Act
Request for Comment on Proposed Revisions to CRA Regulations
Summary:
The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and
the Office of Thrift Supervision (the agencies) are publishing the attached proposed revisions to the Community
Reinvestment Act (CRA) regulations. The proposed revisions would require the agencies, when assessing a financial
institution's record of meeting community credit needs, to consider low-cost education loans to low-income borrowers
and various activities undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with
minority- and women-owned financial institutions and low-income credit unions. Comments on the proposed revisions
are due 30 days following publication of the joint notice of proposed rulemaking in the Federal Register.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officers
CRA Officers
Compliance Officers
Related Topics:
Community Reinvestment Act
Attachment:
FDIC PR-98-2009, Joint Release Announcing Notice of
Proposed Rulemaking for Community Reinvestment Act
Community Reinvestment Act Regulations: Joint Notice
of Proposed Rulemaking
Community Reinvestment Act Regulations: Joint Notice
of Proposed Rulemaking - PDF (PDF Help)
Contact:
Deirdre Foley, Senior Policy Analyst, Compliance Policy
Section, at dfoley@fdic.gov or (202) 898-6612; or Susan
van den Toorn, Counsel, at svandentoorn@fdic.gov or
(202) 898-8707
Note:
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site
at www.fdic.gov/news/news/financial/2009/index.html.
To receive FILs electronically, please
visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center,
3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-
275-3342 or 703-562-2200).
Highlights:
• The federal banking and thrift agencies are proposing to
amend the CRA regulations to address the recent
statutory amendment made to the CRA by the Higher
Education Opportunity Act, which requires the agencies
to consider low-cost education loans to low-income
borrowers when assessing a financial institution's record
of meeting community credit needs.
• The proposal also would incorporate into the CRA rules
statutory language that allows the agencies, when
assessing an institution's record, to consider, as a
factor, joint ventures undertaken by nonminority-owned
and nonwomen-owned financial institutions in
cooperation with minority- and women-owned financial
institutions and low-income credit unions.
The agencies are seeking comment on all aspects of the
proposal. For example, the proposal seeks comment on the
following questions:
• Should the definition of "education loans" include private
loans not governmentally insured or guaranteed?
• Should "low income" be defined differently from the way
it is currently defined in the regulations, and in
determining income level, how should the agencies treat
the student's family income or expected contribution?Inactive
550 17th Street NW, Washington, DC 20429-9990
Financial Institution Letter
FIL-35-2009
June 24, 2009
Community Reinvestment Act
Request for Comment on Proposed Revisions to CRA Regulations
Summary:
The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and
the Office of Thrift Supervision (the agencies) are publishing the attached proposed revisions to the Community
Reinvestment Act (CRA) regulations. The proposed revisions would require the agencies, when assessing a financial
institution's record of meeting community credit needs, to consider low-cost education loans to low-income borrowers
and various activities undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with
minority- and women-owned financial institutions and low-income credit unions. Comments on the proposed revisions
are due 30 days following publication of the joint notice of proposed rulemaking in the Federal Register.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officers
CRA Officers
Compliance Officers
Related Topics:
Community Reinvestment Act
Attachment:
FDIC PR-98-2009, Joint Release Announcing Notice of
Proposed Rulemaking for Community Reinvestment Act
Community Reinvestment Act Regulations: Joint Notice
of Proposed Rulemaking
Community Reinvestment Act Regulations: Joint Notice
of Proposed Rulemaking - PDF (PDF Help)
Contact:
Deirdre Foley, Senior Policy Analyst, Compliance Policy
Section, at dfoley@fdic.gov or (202) 898-6612; or Susan
van den Toorn, Counsel, at svandentoorn@fdic.gov or
(202) 898-8707
Note:
FDIC financial institution letters (FILs) may be accessed
from the FDIC's Web site
at www.fdic.gov/news/news/financial/2009/index.html.
To receive FILs electronically, please
visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be
obtained through the FDIC's Public Information Center,
3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-
275-3342 or 703-562-2200).
Highlights:
• The federal banking and thrift agencies are proposing to
amend the CRA regulations to address the recent
statutory amendment made to the CRA by the Higher
Education Opportunity Act, which requires the agencies
to consider low-cost education loans to low-income
borrowers when assessing a financial institution's record
of meeting community credit needs.
• The proposal also would incorporate into the CRA rules
statutory language that allows the agencies, when
assessing an institution's record, to consider, as a
factor, joint ventures undertaken by nonminority-owned
and nonwomen-owned financial institutions in
cooperation with minority- and women-owned financial
institutions and low-income credit unions.
The agencies are seeking comment on all aspects of the
proposal. For example, the proposal seeks comment on the
following questions:
• Should the definition of "education loans" include private
loans not governmentally insured or guaranteed?
• Should "low income" be defined differently from the way
it is currently defined in the regulations, and in
determining income level, how should the agencies treat
the student's family income or expected contribution?Inactive