OCC FAQs Cast Some Light on Complex CRA Compliance Challenges

Attempting yet again to calm national-bank concerns about their CRA obligations, the OCC late yesterday issued FAQs laying out how it will judge CRA performance after rescinding the Trump Administration’s CRA standards (see Client Report CRA28), returning rules to the 1995 regime, and agreeing to work with the other agencies on a wholly-new CRA construct.

CFPB Takes up AVM Reform

The CFPB today got a jump on the banking agencies and FHFA, releasing a set of options to address fair-lending and other risks in automated-valuation models (AVMs), moving on a long-neglected mandate in the 2010 Dodd-Frank Act (see FSM Report CONSUMER14).