| Subject: |
Community Reinvestment Act |
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| Description:
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Proposed 2007 Interagency Questions and Answers |
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Date: July 18, 2007 |
| TO: |
Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, All Examining Personnel, and Other Interested Parties
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On July 11, 2007, the Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (the agencies), published in the Federal Register proposed “Interagency Questions and Answers Regarding Community Reinvestment” (2007 Interagency Questions and Answers). These proposed 2007 Interagency Questions and Answers are intended to assist regulatory personnel, financial institutions, and the public in understanding the regulation.
The agencies are proposing nine new questions and answers, as well as some substantive and technical revisions to the existing Interagency Questions and Answers. Among the proposed new questions and answers is one that addresses activities engaged in by a majority-owned financial institution with a minority- or women-owned financial institution or a low-income credit union. In addition, three revisions are intended to encourage institutions to work with homeowners who are unable to make mortgage payments by highlighting that they can receive CRA consideration for foreclosure prevention programs for low- and moderate-income homeowners, consistent with the April 2007 interagency Statement on Working with Mortgage Borrowers. Most of the revisions to previously adopted questions and answers are not substantive; rather they clarify or update the existing questions and answers.
Public comment is invited on the proposed new and revised questions and answers, as well as any other community reinvestment issues, by September 10, 2007.
Interested parties are encouraged to review the attached 2007 Interagency Questions and Answers. For more information, please contact Karen Tucker, National Bank Examiner, Compliance Policy Division, at (202) 874-4428; or Margaret Hesse, Special Counsel, Community and Consumer Law Division, at (202) 874-5750.
/signed/
Ann F. Jaedicke
Deputy Comptroller for Compliance Policy
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| Attachment -
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72 FR 37922 |
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http://www.occ.gov/fr/fedregister/72fr37922.pdf |
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