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CBA is an acknowledged industry leader in the areas of Community Reinvestment, affordable lending, and community and economic development. As an association, through the Community Reinvestment Committee, CBA has significant influence in the development of revisions to CRA and amendments to the CRA Q&A, which interprets the regulations. One of CBA’s priorities is to encourage the agencies to maintain CRA as a sustainable business of banking, reflecting the reality of community development.
- April 3, 2018WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Department of Treasury issued its memorandum and recommended changes on the Community Reinvestment Act: “We welcome the Department of Treasury’s recommendations for modernizing a decades old law, last revised when mobile phones and digital technologies were in their infancy. The...
- April 3, 2018The Trump administration kicked off plans to revamp lending rules in lower-income communities with a proposal that would make it easier for banks to comply with a decades-old law that has long confounded the industry. The Treasury Department, in a memo released Tuesday, said the 1977 Community Reinvestment Act hasn’t kept pace with the evolving banking sector. The law, which was passed to stop “...
- March 14, 2018Orlando, Florida (March 14, 2017) – The Consumer Bankers Association (CBA) today presented the eighth annual Joe Belew Award to Discover Bank for its Bank on Wheels program and PNC Bank for its Community Connections Center. This year, the award honors CBA member banks with the most innovative and impactful program serving underbanked and unbanked consumers. The winners were selected by CBA’s...
- February 22, 2018On Thursday, February 22, 2018, CBA met with Treasury staff to discuss their upcoming report on nonbank financial companies. This report is part of the Treasury’s effort to implement the President’s Executive Order on Core Principles for Regulating the U.S. Financial System. Treasury stated the report would cover consumer lending, servicing, payment and settlements, wealth management, and data...February 16, 2018Hot Out of the CFPB CFPB Embraces New Strategic Plan – Laying out the CFPB’s vision through fiscal year 2022, the Bureau, under Acting CFPB Director Mick Mulvaney, issued its new strategic plan. Here are the Bureau’s three long-term goals: Ensure that all consumers have access to markets for consumer financial products and services; Implement and enforce the law consistently to ensure that...December 28, 2017On Tuesday, November 28, 2017, the OCC released its schedule of CRA evaluations for the first and second quarters of 2018. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA, and suggests that comments be submitted prior to the month in which the evaluation is scheduled. The OCC will consider all public comments...November 29, 2017On Wednesday, November 29, 2017, the Fed, OCC, and FDIC issued a final rule revising regulations implementing the Community Reinvestment Act (CRA). The final rule amended the definitions of “home mortgage loan” and “consumer loan” to align with changes to CFPB Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The final rule also amended CRA public file content requirements...November 20, 2017On Monday, November 20, 2017, the Federal Reserve, FDIC and OCC announced amendments to their respective Community Reinvestment Act (CRA) regulations. The changes conform to conforming to amendments made by the CFPB to Regulation C, implementing the Home Mortgage Disclosure Act (HMDA). In addition, the final rule contains technical corrections and removes obsolete references to the Neighborhood...November 8, 2017On Wednesday, November 8, 2017, the OCC issued a bulletin on guidance to provide transparency regarding its framework for evaluating certain types of licensing applications when an applicant bank has an overall Community Reinvestment Act (CRA) rating of “Needs to Improve” or “Substantial Noncompliance” (together, less than satisfactory CRA performance rating) or a less than satisfactory CRA...November 3, 2017On Friday, November 03, 2017, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings the FDIC assigned to institutions in August 2017. A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, can be...