With proposed changes to Community Reinvestment Act (CRA) rules set for release in March by the Office of the Comptroller of the Currency (OCC), two federal banking regulators Tuesday released their upcoming exam schedules for the redlining-prevention regulations.
Calling the proposed changes “an interagency redo,” Comptroller of the Currency Joseph Otting announced the distribution of the proposal by the end of March. He told a securitization industry conference in Las Vegas Wednesday that reform of CRA regulations is a “key element” in adjusting rules a decade after the financial crisis.
In the meantime, the OCC released its second- and third-quarter schedules for CRA exams, listing 165 banks and savings associations (19 in Texas; 18 in Illinois; 16 in Minnesota).
The Federal Deposit Insurance Corp. (FDIC) schedule for the same periods showed it would be examining 532 banks and savings associations.
According to the FDIC, CRA exams are scheduled based on an institution’s asset size and CRA rating. Absent reasonable cause, the agency said, an institution with $250 million or less in assets and a CRA rating of “Satisfactory” can be subject to a CRA examination no more frequently than once every 48 months. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of “Outstanding” can be subject to a CRA examination no more frequently than once every 60 months, FDIC said.