Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
FOR IMMEDIATE RELEASE
November 20, 2017
Agencies Amend CRA Regulations to Conform to HMDA Regulation Changes and Remove References to the Neighborhood Stabilization Program
WASHINGTON — The federal bank regulatory agencies have amended their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
Since 1995, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have conformed certain definitions in their respective CRA regulations to the scope of loans reported under Regulation C and believe that continuing to do so produces a less burdensome CRA performance evaluation process. In particular, the agencies have amended their CRA regulations to revise the definitions of “home mortgage loan” and “consumer loan,” as well as the public file content requirements. These revisions maintain consistency between the CRA regulations and amendments to Regulation C, which generally become effective on January 1, 2018.
In addition, the final rule contains technical corrections and removes obsolete references to the Neighborhood Stabilization Program.
The amendments to the CRA regulations also will become effective on January 1, 2018.
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