Comptroller of the Currency
Administrator of National Banks

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (the agencies) recently proposed changes to OCC rules implementing the Community Reinvestment Act (CRA). The attached notice of proposed rulemaking was published in the Federal Register on June 30, 2009. Comments on these proposed rule changes are due July 30.

The proposed changes would incorporate into OCC rules recently adopted statutory language that requires the agencies, when assessing an institution’s record of meeting community credit needs, to consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers. The proposal also would incorporate into OCC rules statutory language that allows the agencies, when assessing an institution’s record, to consider as a factor capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority- and women-owned financial institutions and low-income credit unions. 

Although the agencies seek comment on all aspects of the proposal, the OCC specifically solicits comments on the proposed definition of “low-cost education loan” and whether “low-income” should be defined differently from the existing definition in the CRA regulations.

If you have questions about this proposed rule change, please contact your supervisory office; the Compliance Policy Department at (202) 874-4428; or the Community and Consumer Law Division at (202) 874-5750.