New collection (Request for a new OMB Control Number)
No
Emergency
04/12/2024
Approved without change
04/17/2024
04/12/2024
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
10/31/2024
6 Months From Approved
2,096
0
0
141,638
0
0
0
0
0
The Community Reinvestment Act of 1977 (CRA) requires the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (Board) (collectively, the agencies) to assess the record of banks and savings associations in helping to meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations; to take this record into account in evaluating applications for mergers, branches, and certain other corporate activities; and to make certain sections of its written evaluation of a bankâs CRA performance public . Further, the CRA requires the agencies to issue regulations to carry out its purposes. The OCCâs CRA regulation is set forth at 12 CFR part 25.
The Community Reinvestment Act of 1977 (CRA) requires the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (Board) (collectively, the agencies) to assess the record of banks and savings associations in helping to meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations; to take this record into account in evaluating applications for mergers, branches, and certain other corporate activities; and to make certain sections of its written evaluation of a bankâs CRA performance public. Further, the CRA requires the agencies to issue regulations to carry out its purposes. The OCCâs CRA regulation is set forth at 12 CFR part 25.
The data collection requirements in the CRA regulations are necessary for the agencies to examine, assess, and assign a rating to an institutionâs CRA performance and to prepare the public section of the CRA performance evaluation.
On February 1, 2024, the agencies published in the Federal Register a final rule that significantly amends their regulations implementing the CRA (CRA Final Rule). The agencies set an April 1, 2024, effective date for the CRA Final Rule, with most substantive provisions applicable on either January 1, 2026, or January 1, 2027.
On March 29, 2024, the presiding Federal District Court judge in Texas Bankers Association, et al. v. OCC, et al., 24-CV-0025 (N.D. Tex.), issued a preliminary injunction that extends the April 1, 2024, effective date of the CRA Final Rule, along with all other implementation dates, day for day, for each day this injunction remains in place pending the resolution of the lawsuit. As a result, the CRA Final Rule did not take effect and the CRA rule published in the Federal Register on December 15, 2021, remains effective. This emergency clearance is therefore necessary because the OCC is statutorily obligated to evaluate banks under the CRA.
The increase in burden is due to more data requirements on banks that meet or exceed the large bank threshold. The increase in burden is directly tied to the increase in banks that meet or exceed the large bank threshold.
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-NEW Supporting Statement Emergency filing for 2021 CRA Rule Filed w. OMB Updated 04.17.24.docx
Content and availability of public file: 25.43 - Disclosure