ATLANTA HEARING AUGUST 6
Agencies Propose to Expand Scope of
Community Reinvestment Act Regulations
The federal bank and thrift regulatory agencies
today announced a proposed change to the
Community Reinvestment Act (CRA) regulations to
support stabilization of communities affected by
high foreclosure levels. The proposed change
specifically would encourage depository
institutions to support the Neighborhood
Stabilization Program (NSP) administered by the
U.S. Department of Housing and Urban Development
(HUD). Comments on the proposed rule must be
submitted no later than 30 days from the date of
its publication in the Federal Register, which
is expected shortly.
Press Release:
http://www.frbatlanta.org/banking/circulars/cl_061710b.cfm
Draft Proposal:
http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20100617c1.pdf
Home Mortgage Disclosure Act Hearings:
The Federal Reserve Board will hold four public
hearings on potential revisions to Regulation C,
which implements the Home Mortgage Disclosure
Act. The act requires mortgage lenders to
provide detailed annual reports of their
mortgage lending activity to regulators and the
public. Consumers, community and consumer
organizations, mortgage lenders, and other
interested parties will be invited to
participate in the hearings. All hearings will
include panel discussions by invited speakers.
Other interested parties may deliver oral
statements of five minutes or less during an
"open-mike" period. Written statements of any
length may be submitted for the record. Specific
discussion topics will include: Data elements,
institutional coverage, and other issues of
interest.
The hearing dates and cities are as follows:
July 15, 2010, Federal Reserve Bank of Atlanta
August 5, 2010, Federal Reserve Bank of San
Francisco
September 16, 2010, Federal Reserve Bank of
Chicago
September 24, 2010, Federal Reserve Board
Consumers, community and consumer organizations,
mortgage lenders, and other interested parties
are invited to participate in the hearings. More
information about each hearing, including how to
register for the open-mike period, is available
on the Board's website
http://www.federalreserve.gov/communitydev/hmda.htm
Community Redevelopment Act Hearings: The
Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency,
and the Office of Thrift Supervision have
announced four upcoming public hearings on
modernizing the regulations that implement the
Community Reinvestment Act (CRA). Interested
parties are invited to provide testimony and
written comments. Anyone wishing to submit
testimony or attend the hearings must register
five business days in advance on the website of
the Federal Financial Institutions Examination
Council (FFIEC). Hearing details are also
available on that site (link below).
Presentation time and meeting space are limited
and early registration is recommended.
The planned hearing dates and cities are as
follows:
July 19, 2010, Arlington, Virginia
August 6, 2010, Atlanta, Georgia
August 12, 2010, Chicago, Illinois
August 17, 2010, Los Angeles, California
Press Release:
http://www.federalreserve.gov/newsevents/press/bcreg/20100617b.htm
Federal Financial Institutions Examination
Council (FFIEC):
http://www.ffiec.gov/cra/hearings.htm
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