Exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks The Federal Reserve Board on Thursday announced that six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to […]
The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow […]
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer […]
Finance and Economics Discussion Series (FEDS) Author: Kenneth P. Brevoort Abstract: Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases […]
Speech delivered at National Native Coalition Virtual Series on the Community Reinvestment Act Notice of Proposed Rulemaking (via webcast) by Vice Chair Lael Brainard Good afternoon.1 I am happy to join you today for the National Native Coalition listening session to discuss the Community Reinvestment Act (CRA). I want to thank […]
Federal bank regulatory agencies today made available the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Visit the Federal Financial […]
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from June 2021. By law, a bank is generally prohibited from establishing or acquiring branches […]
Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, […]
The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council, or CAC, which advises the Board on issues affecting consumers and communities. It is made up of a diverse group of experts and representatives […]
The Federal Reserve Board on Friday announced six new members of its Community Advisory Council (CAC). The CAC is composed of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests. CAC members provide information, advice, and recommendations to the Board on relevant policy […]