Fed, OCC to propose extending CRA agreement reporting, with no changes, for three years

Reporting of agreements between insured depository institutions and non-governmental entities or persons (NGEPs) intended to fulfill community reinvestment requirements would be extended for another three years under a proposal by the Federal Reserve. The Office of the Comptroller of the Currency (OCC) is proposing a similar extension.

Under the proposal (which implements the Fed’s Regulation G, requiring disclosure and reporting of Community Reinvestment Act (CRA)-related agreements), current reporting requirements would be extended without revision.

The current rule requires both financial institutions and NGEPs to copy any covered agreement available to the public and the appropriate federal banking agency and to file an annual report with each appropriate federal banking agency regarding the use of funds under such agreement for that fiscal year. The financial institutions (and affiliates) must also provide to the appropriate federal banking agency a list of all covered agreements entered into during that quarter or a copy of the covered agreements.

According to the Fed, agreements covered by the report include those that are made in fulfillment of the CRA and involve funds or other resources of a financial institution or affiliate with an aggregate value of more than $10,000 in a year (or loans with an aggregate principal value of more than $50,000 in a year).

Comments will be accepted for 60 days.

Proposed Agency Information Collection Activities; Comment Request: Regulation G, CRA agreement reporting