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Financial Institution Letter

Community Reinvestment Act Issuance of Final Interagency Questions and Answers on CRA; Request for Comment on Two Proposed Revised and One New Question and Answer

January 28, 2009
Notes
 
Summary: The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have published the attached final Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers) . The agencies also have published for comment one new and two revised questions and answers. The final Questions and Answers took effect when published in the Federal Register on January 6, 2009. Comments on the proposed questions and answers are due by March 9, 2009.


 

Highlights: 
 

  • The federal banking and thrift agencies have adopted the attached final Interagency Questions and Answers Regarding Community Reinvestment , which interpret the agencies' CRA regulations. The final Questions and Answers include nine new questions and answers and substantive changes to 14 existing questions and answers proposed in 2007.
  • The new and revised Questions and Answers encourage financial institutions to participate in foreclosure prevention programs with the objective of providing affordable, sustainable, long-term loan restructurings or modifications for homeowners facing foreclosure on their primary residences.
  • The Questions and Answers also address activities undertaken by a majority-owned financial institution in cooperation with a minority- or women-owned financial institution or a low-income credit union.
  • The Questions and Answers consolidate and supersede all previously published CRA Interagency Questions and Answers.
  • The agencies also have proposed for comment one new and two revised questions and answers.

 

Distribution: 
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing: 
Chief Executive Officers 
CRA Officers 
Compliance Officers

Note: 
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2009/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

 



 

FIL-6-2009
Attachments
PR-3-2009, Joint Release/Issuance of Final Interagency Questions and Answers on Community Reinvestment
Related Topics
Community Reinvestment Act

Last Updated: January 28, 2009