Proposed Revisions to Interagency Q&As on Community Reinvestment

On March 18, the Fed, FDIC and OCC requested comment on proposed revisions to “Interagency Questions and Answers Regarding Community Reinvestment.”  The Q&As provide guidance on the Community Reinvestment Act regulations.  The proposed amendments would: (i) clarify how the agencies consider activities that benefit a statewide or regional area that includes an institution’s assessment area; (ii) provide guidance on investments in nationwide funds; (iii) clarify the consideration of certain community development services; (iv) address the treatment of qualified investments to organizations that use only a portion of the investment to support a community development purpose; and (v) clarify that community development lending should be evaluated so that it has a positive, neutral or negative effect on the large institution lending test rating.  Comments are due within 60 days after publication in the Federal Register.  Interagency Release.