The Office of the Comptroller of the Currency (OCC) on Aug. 28 released an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on the best ways to modernize the regulatory framework of the Community Reinvestment Act (CRA).

The CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such banks.

Through this ANPR, the OCC seeks stakeholder comment on ways to modernize the regulations that implement the CRA, to better achieve the statute’s original purpose, increase lending and investment where it is needed most, and reduce the burden associated with reporting and assessing CRA performance.

The OCC submitted the ANPR for publication in the Federal Register, with a 75-day comment period from the date of publication.  The complete bulletin is available at the OCC website.