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ICBA calls on regulators to make changes to Community Reinvestment Act proposal

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ICBA calls on regulators to make changes to Community Reinvestment Act proposal

The Independent Community Bankers of America called on the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to make necessary changes to their proposal to reform Community Reinvestment Act regulations.

The ICBA's recommendations include allowing community banks up to $5 billion in assets to opt into the revised framework and exempting traditional, branch-based banks from tracking the location of deposits and delineating deposit-based assessment areas.

In a comment letter, the ICBA also urged the FDIC and the OCC to continue working with the Federal Reserve Board to create a uniform Community Reinvestment Act rule.

In addition, the ICBA said it is against the implementation of the proposed Community Reinvestment Act evaluation measure, stating that a "dollar-based metric is flawed because it favors large loans and investments over more numerous small loans" to low- and moderate-income families. The ICBA also opposes the creation of a community development minimum requirement of 2% of deposits. "Rather, regulators should continue to use the current model, which considers on an individual basis a bank's capacity and the community's need for CD investment," the ICBA said in the letter.

The ICBA sent the letter April 8, the deadline of the proposed rule's comment period.

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