Federal Reserve: Speech by Governor Brainard on Strengthening CRA Provisions Related to Minority Depository Institutions
I want to thank Kim Saunders and Kenneth Kelly for inviting me to join members of the National Bankers Association (NBA) for a conversation today.1 As mission-driven financial institutions with a focus on serving minority households and businesses, you see the significant racial disparities in our economy every day. Going into the crisis, Black and…
Federal Reserve: Speech by Governor Brainard on Modernizing and Strengthening CRA Regulations
Thank you for inviting me here today to take part in your Fall Leadership Meeting.1 We recognize that community banks play a vital role in the communities you serve. Your insights into local conditions and your long-standing customer relationships afford you a deep understanding of the needs and characteristics of the households and small businesses…
Federal Reserve: Several Measures Extended Another Quarter to Ensure High Level of Capital Resilience
Due to the continued economic uncertainty from the coronavirus response, the Federal Reserve Board on Wednesday announced it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience. For the fourth quarter of this year, large banks—those with more than $100 billion in total assets—will…
Federal Reserve: ANPR Issued on Approach to Modernize CRA Regulations
The Federal Reserve Board on Monday issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR…
OCC: Acting Comptroller’s Statement on the Federal Reserve’s Action to Modernize the CRA
Acting Comptroller of the Currency Brian P. Brooks today released the following statement in appreciation of the Federal Reserve Board’s Advance Notice of Proposed Rulemaking (ANPR), which solicits stakeholder comment on how to improve Community Reinvestment Act (CRA) regulations for state-chartered banks that are members of the Federal Reserve System. We welcome the Federal Reserve’s…
ABA: Statement on the Federal Reserve’s ANPR to Modernize CRA Rules
“Today’s Advanced Notice of Proposed Rulemaking is an important step toward modernizing the Community Reinvestment Act in a manner that benefits communities and provides banks with regulatory clarity going forward. While we are still reviewing the ANPR with our members, we appreciate the Fed’s measured, research-based approach to formulating this critically important rule. “As the…
Federal Reserve: Report on the Economic Well-Being of U.S. Households Issued
Data collected to supplement the Federal Reserve Board’s seventh annual Survey of Household Economics and Decisionmaking showed that U.S. families were faring better financially in July than in April, but many still faced uncertainty regarding layoffs and prospects for returning to work. Recognizing the unprecedented financial disruptions caused by the COVID-19 pandemic, the Federal Reserve…
Federal Reserve: FAQs Updated to Clarify Board and Treasury’s Expectations Regarding Lending Underwriting for the Main Street Lending Program
The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower’s pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also clarify…
Federal Reserve: Webinar on ANPR on the Community Reinvestment Act Scheduled for Monday 9/21
Government in the Sunshine Meeting Notice Agency: Board of Governors of the Federal Reserve Time, date: 10:00 a.m., Monday, September 21, 2020 Place: Virtual Webcast Meeting – The meeting is open to the public, but due to the current coronavirus pandemic, the public may observe this Board meeting via a live webcast on the Board’s…
Federal Reserve: Governor Bowman Discusses the Pandemic’s Effect on the Economy and Banking
Speech: The Pandemic’s Effect on the Economy and Banking Governor Michelle W. Bowman At the Kansas Bankers Association CEO and Senior Management Forum/Annual Meeting, Topeka, Kansas (via webcast) Good afternoon. It’s great to be with you, and I look forward to our discussion. As you all know, the COVID-19 pandemic has caused significant disruption and…