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Joint Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision

AGENCIES PROPOSE RULE ON DISCLOSURE
AND REPORTING OF CRA-RELATED AGREEMENTS

FOR IMMEDIATE RELEASE
FDIC-PR-31-2000 May 10, 2000
 

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly announced today their request for comment on a proposed rule implementing section 711, CRA Sunshine Requirements, of the recently enacted Gramm-Leach-Bliley Act.

Section 711 establishes annual reporting and public disclosure requirements for certain written agreements between insured depository institutions or their affiliates and nongovernmental entities or persons (including business entities) made pursuant to, or in connection with, the fulfillment of the Community Reinvestment Act of 1977 (CRA). The proposed rule would implement the requirements of the statute.

Section 711 exempts from coverage all agreements with nongovernmental entities or persons that have not had a contact concerning the CRA with the relevant banking organization or a banking agency. Certain types of loans and loan commitments also are exempt from coverage. The proposed rule would implement the exemptions in the statute.

Consistent with the statute, the proposed rule seeks to implement the disclosure and reporting requirements of section 711 in a manner that limits potential burden. For example, the proposed rule would establish simple reporting procedures where possible and would allow nongovernmental entities or persons to use reports that they have prepared for other purposes-such as tax returns and financial statements-if these reports provide the information required by the Act.

The agencies will accept comments on the proposed rule until July 21.

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Media Contacts:
Federal Reserve: Dave Skidmore (202) 452-2955 OCC: Bob Garsson (202) 874-5770
FDIC: Phil Battey (202) 898-6993 OTS: Bill Fulwider (202) 906-6913
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,220 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.

FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 05/10/2000 communications@fdic.gov