The Smart Compliance Blog

In March, the OCC, Board, and FDIC (the Agencies) requested comment on proposed revisions to “Interagency Questions and Answers Regarding Community Reinvestment.”  The proposed changes add details on how banks can earn Community Reinvestment Act (CRA) credit. Together with a speech by the OCC's Thomas Curry, they are clearly signaling change regarding how CRA exams will be conducted and how the Community Reinvestment will be evaluated. 

Every March, HMDA reporting institutions must submit their prior calendar year LARs (Loan Application Records) to the FFIEC.  HMDA data generally becomes publicly available by September of the following calendar year.  Well, it is that time of year!

The Federal Reserve announced that the 2010 census data will be released on Friday, June 29th.  All banks and regulators will be required to use the new data for CRA, HMDA, and Fair Lending immediately.   The Federal Reserve also provided additional guidance on the usage of 2010 Census Data in CRA Examinations.  The guidance was updated and detailed on the Federal Reserve’s Outlook Live Webinar on Thursday, June 21st.