Agencies Advance Sweeping, Tough CRA Rewrite
The FDIC today led the way with release of a long-awaited inter-agency proposal updating decades-old CRA regulation. We will shortly provide clients with an in-depth assessment of the new approach, which includes an update to assessment-area calculations to address electronic-delivery modalities, tackles new concerns such as environmental and racial justice, and adds new community priorities such as childcare and financial literacy. This report provides details on these provisions as well as on key points raised at the meeting by CFPB Director Chopra, whose comments today were the most extensive and substantive.