Correction Issued to Preamble of CRA Final Rule Regulations but No Changes to Regulatory Text

Weiner Brodsky Kider PC

Weiner Brodsky Kider PC

The FRB, FDIC, and the OCC issued corrections to the preamble of a final rule that was published in the Federal Register on November 24, 2017, relating to the Community Reinvestment Act (CRA).  The corrections are effective as if they had been included in the Supplementary Information section of the final rule, which was effective on January 1, 2018.

Due to a clerical error, the three banking agencies omitted mention of two additional comment letters that were timely submitted by industry trade associations.  After analyzing the two comment letters, the agencies determined that no changes to the regulatory text in the CRA final rule was necessary.  Thus, the correction supplements the agencies’ discussion of public comments in the Supplementary Information section of the CRA final rule and does not make any changes to the regulatory text in the final rule or otherwise alter its effect.  In addition, the correction is intended to ensure that the final rule’s Supplementary Information section accurately reflects the record of the comments received and the agencies’ responses.

To briefly summarize the corrections made to the preamble of the CRA final rule, the agencies addressed a comment that opposed the proposed amendment to the definition of “home mortgage loan,” another comment that supported but recommended additional amendments to the definition of “consumer lending,” and two comments regarding the proposed changes to the CRA public file content requirements.

The correction to the preamble of the CRA final rule was published in the Federal Register, Volume 83, No. 69, on April 10, 2018 and is available here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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