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
01/31/2028
36 Months From Approved
01/31/2028
2,181
0
2,181
148,298
0
148,298
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 agencies are proposing to rescind their final rule implementing the CRA issued on October 24, 2023, and published in the Federal Register on February 1, 2024, as subsequently amended (2023 CRA Final Rule). The agencies also are proposing to replace the 2023 CRA Final Rule with regulations adopted by the agencies and the former Office of Thrift Supervision (OTS) on May 4, 1995, as amended, and as published in the Electronic Code of Federal Regulations as of March 29, 2024 (1995 CRA regulations), with minor technical amendments to the definition of âsmall bankâ and the OCCâs transition provisions. If adopted, the proposal would restore certainty in the CRA framework for stakeholders and limit regulatory burden on banks, while ensuring that banks continue to focus on the purpose of the CRA.
The decrease in burden is predominantly due to changes in the number of banks subject to the CRA regulations and the increase in the small bank asset size 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.
1557-0357 CRA NPR Recission Supporting Statement Submitted to OMB.docx
Content and availability of public file and public notice: 25.43 and 25.44 - Disclosure