Community Reinvestment Act Regulation

ICR 202202-1557-003

OMB: 1557-0160

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2022-06-03
IC Document Collections
IC ID
Document
Title
Status
251821
New
251820
New
251819
New
251818
New
251817
New
251816
New
251815
New
251814
New
251813
New
249369
Modified
249368
Modified
249367
Modified
249366
Removed
249365
Modified
249364
Removed
249363
Modified
249362
Modified
249361
Modified
241896
Modified
238846
Modified
238844
Modified
ICR Details
1557-0160 202202-1557-003
Received in OIRA 202112-1557-002
TREAS/OCC
Community Reinvestment Act Regulation
Revision of a currently approved collection   No
Regular 06/03/2022
  Requested Previously Approved
36 Months From Approved 12/31/2023
2,496 2,158
127,930 113,351
0 0
The Community Reinvestment Act (CRA) is designed to encourage regulated banks to help meet the credit needs of the local communities in which they are chartered. Specifically, Congress found that “(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business; (2) the convenience and needs of communities include the need for credit as well as deposit services; and (3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.” The CRA statute requires the agencies to “assess the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.” Upon completing this assessment, the statute requires the agencies to “prepare a written evaluation of the institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods.” In addition, the statute requires making portions of these written evaluations, referred to by the agencies as performance evaluations, available to the public. The statute further provides that each agency must consider a bank’s CRA performance “in its evaluation of an application for a deposit facility by such institution.” This ICR is being submitted in connection with an interagency proposed rule issued by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.
US Code: 12 USC 2901 et seq. Name of Law: Community Reinvestment Act
  
None
1557-AF15 Proposed rulemaking 87 FR 33884 06/03/2022
No
  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 2,496 2,158 0 338 0 0
Annual Time Burden (Hours) 127,930 113,351 0 14,579 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
Yes
Changing Regulations
The increase in burden is due to the proposed change in regulatory requirements.
$0
No
    No
    No
No
No
No
No
Heidi Thomas 202 874-5090 [email protected]
  No
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.
06/03/2022
© 2024 OMB.report | Privacy Policy