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Report: OCC plans notice to get feedback on Community Reinvestment Act

The Office of the Comptroller of the Currency is planning to take the first step in seeking changes to how regulators enforce the decades-old Community Reinvestment Act, according to Bloomberg Law, which cited a source with knowledge of the plans.

The OCC is preparing to release an advance notice of proposed rulemaking, which would let the agency gather feedback on possible revisions to the CRA, Bloomberg Law reported.

Joseph Otting, the OCC head, has said the current framework that regulators use to implement the CRA is outdated. Other top bank regulators at the Federal Reserve and Federal Deposit Insurance Corp. agree that changes are necessary, but the three agencies have yet to agree on a specific approach.

The Bloomberg Law report indicated that the OCC was ready to make the first move by formally requesting feedback through the notice.

The agency in June released a streamlined version of its previous guidance for how large banks should comply with the CRA, a move that Otting has said will make CRA evaluations more effective and consistent.