Regulators Publish Final Revisions to CRA Rules

The four agencies most responsible for bank regulation have issued final changes to the Community Reinvestment Act regulations. The final rule is essentially the same as announced for public comment and reviewed by MND last June and will take effect 30 days after it is published in The Federal Register. The changes differ only slightly among the four agencies charged with enforcing them, The Office of the Comptroller of the Currency, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of Thrift Supervision. They are designed to support stabilization of communities affected by high foreclosure levels and, in effect, tie CRA more closely to the programs and goals of the Neighborhood Stabilization Program (NSP) run by the Department of Housing and Urban Development. CRA encourages...(read more)

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Source: http://www.mortgagenewsdaily.com/12152010_nsp_cra.asp

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