OMB files this comment in accordance with 5 CFR 1320.11(c). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of 1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Resubmit when proposed rule is finalized.
Inventory as of this Action
Requested
Previously Approved
12/31/2020
36 Months From Approved
12/31/2020
1,234
0
1,234
113,351
0
113,351
0
0
0
The OCC submits this ICR pursuant to a proposed rule issued by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (agencies). The Community Reinvestment Act (CRA) encourages insured depository institutions to invest trillions of dollars into the communities they serve, including low- and moderate-income (LMI) neighborhoods. The regulations implementing the law have not been extensively revised since 1995. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are proposing regulations that encourage banks to provide billions more each year in CRA-qualified lending, investment, and services by modernizing the CRA regulations to better achieve the lawâs underlying statutory purpose of encouraging banks to serve their communities by making the regulatory framework more objective, transparent, consistent, and easy to understand (NPR). To accomplish this, the NPR would strengthen the CRA regulations by (1) clarifying which activities qualify for CRA credit; (2) updating where activities count for CRA credit; (3) creating a more transparent and objective method for measuring CRA performance; and (4) providing for more transparent, consistent, and timely CRA-related data collection, recordkeeping, and reporting. These changes are intended to encourage banks to serve their entire communities, including LMI neighborhoods, more effectively through a clearer set of CRA activities and would provide clarity for all stakeholders.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
1557-0160 Supporting Statement for NPR 12-17-19.doc
Qualifying Activities Confirmation and Illustrative List 25.05(c)