U.S. bank regulators have proposed several revisions to their guidance for complying with Community Reinvestment Act regulations. The proposed changes would add further details to how banks can earn CRA credit through various means -- including community development activities outside of a bank's immediate assessment area; community services offered to low- and moderate-income individuals; and investments in other organizations with a community development purpose, among other changes. The proposal, which banks and other members of the public can comment on for 60 days, would revise a set of interagency "questions and answers" about CRA intended to help guide institutions through compliance. The regulators drafted the proposal after receiving public comments about needed updates to the document. The last revision was in March 2010.
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