Agencies Issue Guide to Help Community Banks Evaluate FinTech Relationships
The federal bank regulatory agencies today released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. This guide is intended to serve…
OCC: Fourth Quarter 2021 and First Quarter 2022 CRA Evaluation Schedule Issued
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2021 and first quarter 2022. The OCC encourages public comment on the national banks and federal savings associations scheduled to be evaluated under the CRA. Public comments should be…
OCC: Updated Contact Information Issued for Certain Notices and Posters Regarding CRA, Fair Housing Act and Equal Credit Opportunity Act
Summary This bulletin informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters under the Fair Housing Act. Banks should make the appropriate changes to…
Interagency Statement on Community Reinvestment Act Joint Agency Action
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a…
OCC: Statement on Rescinding the 2020 CRA Rule
The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens and modernizes the CRA. This…
OCC: First Anniversary of Project REACh Celebrated
Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated a great deal of excitement and made great strides in its first…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment…
OCC: Organizational Changes Announced
The Office of the Comptroller of the Currency (OCC) today announced structural changes intended to enhance the agency’s efficiency and effectiveness. “The changes announced today will improve collaboration, alignment, and engagement within the agency,” said Acting Comptroller of the Currency Michael J. Hsu. The agency is realigning its Economics, Supervision System and Analytical Support, and…