|
| TO: |
CHIEF EXECUTIVE OFFICER |
| SUBJECT: |
Technical Amendments to Correct and Clarify New Rules
Implementing the Community Reinvestment Act (Part 345)
|
The FDIC's Board of Directors has approved the attached technical
amendments to Part 345 of the FDIC's rules and regulations that
implement the Community Reinvestment Act (CRA). The Comptroller of
the Currency, the Board of Governors of the Federal Reserve System
and the Office of Thrift Supervision have approved similar
amendments to their respective CRA regulations.
The joint final rule corrects and clarifies revised CRA regulations
published in the Federal Register on May 4, 1995 (see FIL-35-95,
dated May 17, 1995). The revised CRA regulations are being phased
in over two years, with the new performance standards for small
institutions going into effect on January 1, 1996. Also, beginning
January 1, 1996, an institution may elect to: submit a strategic
plan for approval instead of being evaluated under the performance
tests; seek designation as a wholesale or limited purpose
institution to be evaluated under the new community development
test: or he evaluated under the new lending, service and investment
tests for large institutions.
As described in the attached Federal Register notice, the joint
final rule corrects two cross references in the revised
regulations. It also clarifies the rules governing the transition
between the previous CRA requirements and the revised ones. The
attached joint final rule clarifies that when an institution
becomes subject to the performance tests and standards of the
revised rules—either voluntarily or mandatorily—the
institution must comply with all pertinent parts of the revised
rules. The old CRA rules no longer will apply to that institution.
Questions about this final rule should be addressed to your
Regional Office of the FDIC's Division of Compliance and Consumer
Affairs or the FDIC personnel listed on Page 66048 of the attached
notice. |
