June 21 -- The Federal Deposit Insurance Corporation (FDIC) invites comments by August 22, 2022 regarding the extension of its Community Reinvestment Act data collection.
The Community Reinvestment Act regulation requires the FDIC to assess the record of banks and thrifts in helping meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations; and to take this record into account in evaluating applications for mergers, branches, and certain other corporate activities. There is no change in the method or substance of the collection. On June 3, 2022, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the FDIC (the “Agencies”) published a proposal to amend the Agencies' Community Reinvestment Act regulations. [See
https://www.aeaweb.org/forum/2592/community-reinvestment-proposed-rulemaking-invite-comments]
The agencies are expecting comments from the industry and other concerned parties which will be considered and addressed when a final rule is issued. The FDIC does not wish to discontinue this information collection while the proposed revisions are considered and a new rule is issued and is, therefore, extending its Community Reinvestment Act information collection as-is, without revision, to preserve its validity.
FDIC CRA banker resource webpage:
https://www.fdic.gov/resources/bankers/community-reinvestment-act/index.html
Previous FDIC CRA submission to OMB:
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202009-3064-002 Click IC List for data collection instruments, View Supporting Statement for technical documentation.
FR notice inviting comments to OMB:
https://www.federalregister.gov/d/2022-13156
