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Circular Letters

Circular Letter 5544

July 27, 2001

Subject: Community Reinvestment Act Regulations

Summary:

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation announced on July 19, 2001 the approval of a joint interagency Advance Notice of Proposed Rulemaking (ANPR) regarding the Community Reinvestment Act (CRA). When the agencies revised the CRA regulations in 1995, they committed to review the regulations in 2002 to determine whether the revised regulations had met the goals of more objective, performance-based CRA evaluations.

The ANPR, published in the Federal Register on July 19, 2001, initiates this review of the CRA regulations. Through the ANPR, the agencies invite comment on a number of key issues raised since 1995 by representatives of financial institutions, consumer and community groups, members of Congress, and the public. The agencies also request comment on other issues related to the CRA regulations, including whether any change to the regulations would be beneficial or is warranted, and what steps the agencies might take instead of, or in addition to, revising the regulations.

Comment Requested: Comments should refer to Docket No. R-1112 and be received on or before October 17, 2001, by Ms. Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551 or be mailed electronically to: regs.comments@federalreserve.gov

For Further Information: The ANPR can also be obtained at the Board's web site at: http://federalreserve.gov/boarddocs/press/boardacts/2001/20010719/ default.htm External Link. For additional information, please contact this Reserve Bank's regulations Assistance Unit at (215) 574-6568.