This information is not part of the official Federal Register document. The borrower demographic comparator threshold is 55 percent of the percentage of low- and moderate-income families in the assessment area. These minimums reflect the agencies' judgment that CD lending and investment are critically important to serving banks' local communities. (2) Assessment area delineation. Community Reinvestment Act — Sunshine 40. Under the retail lending distribution tests, the proposal would consider the borrower distribution of any consumer loan product line that is a major retail lending product line for the bank. Do these increases appropriately incentivize banks to engage in small business and small farm lending activities, or should other changes be made to the revenue and loan size thresholds? [61] The CRA … The dollar figures in this definition shall be adjusted annually and published by the FDIC, based on the year-to-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each twelve-month period ending in November, with rounding to the nearest $100,000. The CD minimums included in the proposal were informed by the analysis of the currently available historical data, described above. The sample contained data from over 200 exams for banks above the small bank asset size threshold, which adjusts yearly and is $1.284 billion for 2019. (b) Multipliers. 01/08/2020 at 8:45 am. 12 U.S.C. Availability of planned evaluation schedule. Banks are permitted and encouraged to develop and apply flexible underwriting standards for loans that benefit low- or moderate-income geographies or individuals, only if consistent with safe and sound operations. (c) Qualifying activities and retail domestic deposit data required to be collected and maintained. The credit bureau data contain balances by debt category, along with census tract location of the borrower. (2) Adjustment. Although the proposed small bank performance standards would not include a CD test and small banks would not be required to engage in CD activities, lending-related activities, including CD loans, and CD investments and services may be considered as described above. The agencies would provide additional guidance on the data that banks need to collect and maintain under the proposed rule that would standardize the information collected and help banks ensure that they meet the requirements of the rule. (ii) Eligibility for an “outstanding” lending test rating. (2) The small bank lending test and bank-level ratings as described in appendix A. Should the threshold be $1 billion instead? a. For each community development service: (i) The dollar value of the services, as quantified in § 25.06; (ii) A description of the qualifying activity; (iii) The date the service was performed; (iv) The service location and the associated FIPS code for the MSA, state, county or county equivalent, and census tract, if applicable; and. Home equity line of credit extended in Indian country, such as for home improvement. Banks evaluated under the general performance standards in § 25.12 and banks evaluated under a strategic plan under § 25.16, unless otherwise determined in writing by the OCC, must report the information required by this section. [FR Doc. To ensure that the distribution of the number of CRA retail loans and the total value of qualifying activities would be captured and assessed, the proposed rule would provide that the ratings for a bank evaluated under the general performance standards would be based on a combination of approaches. If the OCC does not act within this time period, the plan will be deemed approved unless the OCC extends the review period for good cause for no more than 90 days. [34] Retail domestic deposit data collection and recordkeeping for small banks evaluated under the small bank performance standards in § 25.13. Following these regulations, the FDIC uses a covered entity's affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the covered entity is “small” for the purposes of RFA. (2) Adjustment. 50. Under the proposal, all CD activities that provide some benefit to, but do not primarily benefit, specified populations, entities, or areas would receive pro-rata credit equal to the partial benefit provided. Based on the agencies' review of these factors thus far, the agencies believe that the average CRA evaluation measure benchmarks associated with each rating category should be set at between ten and 15 percent for outstanding, five and ten percent for satisfactory, and two and five percent for needs to improve. documents in the last year, 38 (c) Form. The CRA evaluation measures also would account for differences in bank size, location, and business model because these differences would be reflected in the volume of a bank's retail domestic deposits at the bank level and in each assessment area. Volunteer service with a non-profit that provides income tax assistance programs for LMI individuals. Community Reinvestment Act 101. These banks would be required to comply with the current CRA small bank performance standards, new qualifying activities criteria, new assessment area delineations, and new data collection and recordkeeping requirements related to deposits. The first portion of the CRA evaluation measure reflects a bank's ongoing commitment to CRA by measuring the value of qualifying activities as a proportion of total retail domestic deposits. [8], The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) (together, the agencies) [9] As previously indicated, the agencies believe that, in many circumstances, communities are in the best position to identify their needs and design projects, programs, and initiatives that help to address those needs. While every effort has been made to ensure that Performance context and discriminatory and other illegal credit practices would continue to be considered in evaluating a small bank's performance. The FDIC will annually adjust the $2 million threshold for inflation, and the adjustment to the threshold will be made publicly available. Strategic plans. What system changes would be needed to implement these requirements? (ii) Borrower peer comparator threshold. The FDIC invites comments on all aspects of the supporting information provided in this section, and in particular, whether the proposed rule would have any significant effects on small entities that the FDIC has not identified. 22. (1) One year after the effective date of the final rule for the assessment area, data collection, and recordkeeping requirements in §§ 345.08, 345.19, and 345.22; and. 45. Banks evaluated under the general performance standards in § __.12 and banks evaluated under a strategic plan under § __.16, unless otherwise determined in writing by the agency, must report the information required by 12 CFR __.23. Additionally, the proposed establishment of the list and an optional process through which FDIC-insured institutions and interested third parties can seek confirmation of a particular activity and have it added to the list, will create additional compliance burden. The Community Reinvestment Act (CRA, P.L. The bank's record of taking action, if warranted, in response to written complaints about its performance in helping to meet credit needs in its assessment area(s). If the bank elects to use a later-published performance standard, that performance standard will apply during the entire evaluation period. On an annual basis, a bank subject to this section must report to the OCC the following data for all qualifying activities conducted during the annual period: (1) The quantified value of qualifying retail loans; (2) The quantified value of community development loans; (3) The quantified value of community development investments; and. These banks include banker's banks, as defined in 12 U.S.C. 28. (3) A bank may delineate its facility-based assessment area(s) in the smallest geographic area where it maintains a main office, branch, or non-branch deposit-taking facility, but may delineate a larger assessment area that includes these locations, as provided in paragraph (b)(2) of this section. It is difficult to accurately quantify these aspects of the proposed rule with the information currently available to the FDIC. profiles, working papers, and state banking performance 46. The bank must pass the geographic and borrower distribution tests for its major retail lending product lines evaluated in § 345.11; (iii) Community development minimum. And the CRA evaluation measure's focus on the value of on-balance sheet loans and investments would encourage stable commitments to communities and disincentivize churning of activities that may not provide long-term stability. A small bank that meets each of the standards for a “satisfactory” rating under the lending test and exceeds some or all of those standards may warrant consideration for a bank-level rating of “outstanding.” In assessing whether a bank's performance is “outstanding,” the OCC considers the extent to which the bank exceeds each of the performance standards for a “satisfactory” rating and its performance in making community development investments and its performance in providing branches and other services and delivery systems that enhance credit availability in its assessment area(s). These possible adjustments are discussed below. (e) Insured depository institution. 18. Because the two sources of error work in opposite directions, the agencies expect them to cancel each other out to a significant extent. Purchase of a local municipal bond, the proceeds of which will be used to construct a new high school that will partially serve students from LMI families. (c) Interested parties. These can be useful Home mortgage loan guaranteed under the U.S. Department of Housing and Urban Development's (HUD) Indian Home Loan Guarantee Program (Section 184) to an LMI individual. The publicly available list of examples of qualifying activities should benefit small, covered institutions and borrowers by establishing a reference for qualifying activities. as well as the Board of Governors of the Federal Reserve System (Board) previously issued regulations to implement the statute. An investment in a New Markets Venture Capital company that finances businesses that meet the SBA's size standards used to define small business concerns. Financing to support cleanup of industrial brownfields in a distressed area as part of city-sponsored revitalization program. Loan or line of credit of $2 million to a business in Indian country to finance the purchase of machinery under the USDA's Rural Development Business and Industry Guarantee Loan Program. The agencies have sought to incorporate flexibility into the proposed rule and lessen burden and complexity for smaller banking entities wherever possible, consistent with safety and soundness and other applicable laws. Metropolitan division has the same meaning as this term is given by the Director of the Office of Management and Budget. Community Reinvestment Act — Ratings In addition, under the proposed framework, small banks would continue to refer to relevant guidance in the Interagency Questions & Answers and existing policies and procedures, including with respect to state and MMSA ratings. A loan to a non-profit to develop rental housing under a state tax credit program that supports workforce housing in high-cost areas where 40 percent of the units will be set-aside for middle-income individuals and families. Specifically, a small bank is evaluated pursuant to a lending test that considers the bank's: The current regulations assign small bank ratings based on the lending test. Finally, the agencies could consider a bank's investments in promoting and supporting the community reinvestment expertise of its staff and the development of products and services that benefit LMI communities. If the estimated annual cost was greater than 2.5 percent of total noninterest expense or five percent of annual salaries and employee benefits, the OCC classified the impact as significant. Assessment area means a geographic area delineated in accordance with § 345.08. (4) Small loan to a farm product line. To retain the focus on LMI individuals, however, the proposal does not include these revisions. Under the proposed framework, performance context would remain important. Regarding CD activities, the phrase “provides financing for or supports” would be interpreted broadly to include all lending, investment, and service activities that are related to the CD qualifying activities criteria. However, small banks, as defined under the current rule, generally are exempt from these requirements. Banks evaluated under the general performance standards in § 345.12 and banks evaluated under a strategic plan under § 345.16, unless otherwise determined in writing by the FDIC, must collect and maintain the information required by this section. Low-cost education loan to an LMI individual, such as to fund school tuition and/or expenses. [64] Enter “Docket ID OCC-2018-0008” in the Search Box and click “Search.” Click on “Comment Now” to submit public comments. (ii) The OCC assigns a small bank evaluated under the small bank performance standards in § 25.13 lending test and bank-level ratings as provided for in Appendix A of this part. Enter “Docket ID OCC-2018-0008” in the Search Box and click “Search.” Click on the “Comments” tab. Banks with strategic plans must include a copy of the plan. This part and the CRA do not require a bank to make loans or investments or to provide services that are inconsistent with safe and sound operations. During this same period, the Treasury Department invited a diverse group of stakeholders to provide feedback on how the CRA regulations could more effectively encourage economic growth in the communities that banks serve. The tours provided opportunities for the agency's senior leadership to hear CRA success stories and how the agencies could help CRA work better for everyone. Agencies means the OCC and the Federal Deposit Insurance Corporation (FDIC). Please enter a valid … However, stakeholders observed that the evaluation of banks' CRA-qualifying lending, investments, and services (collectively, qualifying activities or CRA activities) under the current CRA regulations—including what type of activities count, where they count, and how they count—is inconsistent, opaque, and complex. The FDIC uses the assessment area(s) delineated by a bank in its evaluation of the bank's CRA performance unless the FDIC determines that the assessment area(s) do not comply with the requirements of this section. (f) Banks evaluated under strategic plans. 34. The OCC will annually make publicly available the aggregate and individual CRA Disclosure Statements, described in paragraphs (a) and (b) of this section. Second, a bank's retail lending geographic distribution and borrower distribution would be evaluated based on its best performance under either a demographic or peer comparator, both of which would incorporate information about a bank's location. To reduce the burden on small banks, the proposed rule would provide small banks that opt into the general performance standards under proposed 12 CFR 25.09(b) and 345.09(b) as of the final rule's effective date and banks that no longer meet the definition of a small bank (1) two years after the rule's effective date or after the bank no longer meets the definition of a small bank to comply with the rule's assessment area, data collection, and recordkeeping requirements and (2) three years after the rule's effective date or after the bank no longer meets the definition of a small bank to comply with the rule's reporting requirements. This includes consideration of low-cost education loans provided to low-income borrowers and activities in cooperation with minority- or women-owned financial institutions and low-income credit unions. moderate-income neighborhoods, and requires that a financial As discussed above, certain essential infrastructure projects may receive credit under the current CRA regulations as CD activities. For example, could multipliers be used to recognize those differences and provide incentives for banks to engage in activities that are scarce but highly needed? For a de novo bank, the assessment area delineations should include the projected location of its facilities, retail domestic deposit base, and lending activities. Excluded from this are home mortgage loans in disaster areas and in Indian country. 601 et seq. 7. edition of the Federal Register. (a) Performance standards. A bank subject to this section must annually provide to the FDIC any certification required by § 345.19(d). Under this approach, banks would still be encouraged to meet local community needs where they have branches and depositors but would be given flexibility to serve other communities with distinct needs as these activities would be considered when calculating the overall dollar value of their qualifying activities under the proposed rule. Although the agencies chose not to include in the proposal certain ambiguous or unclear terms used in the current regulations, the agencies do not intend to reduce the activities that qualify for CRA credit. The agencies and the Board made additional substantive changes in 2005; however, those changes were not as transformative as the 1995 revisions. Majority of its loans in its assessment area(s); Distribution of loans to businesses and farms of different sizes that is reasonable given the demographics of its assessment area(s); Record of taking appropriate action in response to written complaints, and. In determining the effect of evidence of practices described in paragraph (a) of this section on the bank's assigned rating, the OCC considers the nature, extent, and strength of the evidence of the practices; the policies and procedures that the bank has in place to prevent the practices; any corrective action that the bank has taken or has committed to take, including voluntary corrective action resulting from self-assessment; and any other relevant information. Reporting for banks evaluated under the general performance standards in § 25.12 or a strategic plan under § 25.16. (a) Bank-level qualifying activities value. (10) The number of small loans to farms provided to small farms; (c) Availability of CRA disclosure statements. The demographic peer comparator threshold is 65 percent of the percentage of small loans to farms provided to small farms from all banks evaluated under the general performance standards in § 345.12 in the assessment area. (2) Federal branches and agencies—(i) This part applies to all insured Federal branches and to any Federal branch that is uninsured that results from an acquisition described in section 5(a)(8) of the International Banking Act of 1978 (12 U.S.C. A bank would initially calculate its CRA evaluation measure by taking the sum of (1) a bank's qualifying activities value, as described above, divided by the average of its quarterly retail domestic deposits and (2) a calculation that accounts for a bank's branch distribution. For help with submitting effective comments please click on “View Commenter's Checklist.” Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting public comments. That input included the strengths, weaknesses, and challenges of the current framework, as well as ideas for, and the advantages and disadvantages of, alternative frameworks. 30. The docket may be viewed after the close of the comment period in the same manner as during the comment period. The assessment area needs to improve performance standard is an assessment area average CRA evaluation measure during the evaluation period, expressed as a percentage, that must meet or exceed 3 percent. To improve the current CRA regulatory framework and promote increased lending and investment consistent with stakeholder feedback, the agencies propose to make changes in four key areas: (1) Clarifying and expanding what qualifies for CRA credit; (2) expanding where CRA activity counts; (3) providing an objective method to measure CRA activity; and (4) revising data collection, recordkeeping, and reporting. (i) The dollar value of the services, as quantified in § 345.06; (v) The qualifying activity criteria in § 345.04 that the service satisfies or that it is on the illustrative list referenced in § 345.05. The CRA encourages financial institutions to help meet the credit (iii) The OCC determines the state or multistate metropolitan statistical area ratings for a bank evaluated under § 25.12 as provided in § 25.18. Loan to construct mixed-income housing under a tribal-government sponsored program, 30% of which will be set aside for middle-income teachers in Indian country. For example, comments on the ANPR came from a variety of stakeholders, including banks and banking industry trade associations; community, civil rights, and advocacy groups and community trade associations; CD funds and organizations; academia; CRA consultants; governmental entities; and the general public. Many of those comments reflected the opinion that the current CRA regulatory framework lacks objectivity, transparency, and fairness. Donation to a non-profit organization that provides transportation to medical treatments for LMI individuals. The Community Reinvestment Act (CRA), enacted by Congress in 1977 (12 U.S.C. These changes would encourage banks to serve their entire communities, including LMI neighborhoods, more effectively through a clearer set of CRA activities and would provide clarity for all stakeholders. Donation to an organization that conducts elder financial abuse and identity theft prevention programs. 71. A bank evaluated under § 25.12 calculates its bank-level qualifying activities value annually based on the dollar value of all qualifying activities originated, made, purchased, or performed on behalf of the bank and not included in the bank-level qualifying activities value of another bank subject to this part or part 345. Loan or line of credit of $2 million or less to a family farm with gross annual revenues of $2 million or less when classified on the bank's Call Report as a loan to finance agricultural production and other loans to farmers. The agencies intend for these standards to be applied consistent with their treatment under the current regulation except as discussed below. 68. Moreover, to maintain a focus on LMI individuals, the proposal would, for example, no longer permit a mortgage loan to a high-income individual living in a low-income census tract to qualify for CRA credit. (2) A facility-based assessment area must be delineated to consist of: (i) One whole metropolitan statistical area (using the metropolitan statistical area boundaries that were in effect as of January 1 of the calendar year in which the delineation is made); (ii) The whole nonmetropolitan area of a state; (iii) One or more whole, contiguous metropolitan divisions in a single metropolitan statistical area (using the metropolitan division boundaries that were in effect as of January 1 of the calendar year in which the delineation is made); or. A retail loan provided in Indian country. (2) The number of the bank's branches located in low- or moderate-income census tracts in the assessment area divided by its total number of branches in the assessment area as of the close of business on the last day of the same period used to calculate the annual assessment area qualifying activities value multiplied by .01. The authority citation for part 25 continues to read as follows: Authority: [63] Rec. About the Federal Register The Community Reinvestment Act of 1977 (CRA) ... For example, in 2019, banks with less than $321 million in assets in either of the two prior calendar years were evaluated under a retail lending test, and various types of CD activities also may be considered. A small bank that meets each of the standards for a “satisfactory” rating under this paragraph and exceeds some or all of those standards may warrant consideration for a lending test rating of “outstanding.”. Its powers and duties with respect to CRA were transferred to the OCC in Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. Banks evaluated under the general performance standards. Unlike the current CRA regulations, the proposal would not include a separate category for intermediate small banks. If a budgetary impact statement is required, section 205 of the Unfunded Mandates Act also requires the OCC to identify and consider a reasonable number of regulatory alternatives before promulgating a rule. Annually, banks would report their retail lending distribution tests results, CRA evaluation measures calculations, and presumptive ratings determinations to the agencies. 14. [72] The agencies would consult and coordinate with each other on the content of the proposed list. Affiliate has the same meaning as this term is given in Regulation W, 12 CFR 223.2(a) and (b) as of the effective date of this rule but applies to member and non-member banks.Start Printed Page 1254. They would be required to collect and maintain data for each qualifying loan or CD investment on-balance sheet and CD services and monetary and in-kind donations that the bank provides until the completion of its next evaluation. Investment in a qualified opportunity fund, established to finance improvements to an athletic stadium in an opportunity zone that is also an LMI census tract. The FDIC determines the bank-level assigned rating for a bank evaluated under § 345.12 based on its bank-level presumptive rating under § 345.12, adjusted for performance context under § 345.14, and consideration of discriminatory or other illegal credit practices under § 345.15. (ii) Borrower peer comparator threshold. These criteria would both encompass the many activities that currently qualify for CRA consideration and include additional activities that meet the credit needs of economically disadvantaged individuals and areas in banks' communities. (3) Confidential information. The FDIC is issuing this proposed rule under the authorities granted to it under the Community Reinvestment Act of 1977. Investment in a qualified opportunity fund, established to finance renovation of a vacant building into a cultural arts facility, including loft space for artists and a community theater, in an opportunity zone that is also an LMI census tract. Bank employees volunteer through a local Chamber of Commerce to lead a workshop that provides technical assistance to the chamber's small business members that meet the stated size-eligibility standards. A bank must collect and maintain until the completion of its next CRA evaluation a list of its assessment area(s) showing within the assessment area(s) each: (e) Bank facilities. Dec. 12, 2019 at 8:56 p.m. UTC. Due to the lack of banking and other services in underserved areas, the agencies believe that the CRA regulations should incentivize banks to meet the retail lending and CD needs of the residents in these geographies. Loan of $3 million to a small business under a tribal government loan guarantee program. To pass the borrower distribution test for the small loan to a business product line, a bank's percentage of small loans to businesses provided to small businesses originated during the evaluation period in the assessment area must meet or exceed the threshold established for either the associated demographic borrower comparator or the associated demographic peer comparator. Additionally, both the CRA FFIEC data and the HMDA data look at originations and purchases and not the on-balance sheet value of loans or investments. (b) Determination of the bank-level CRA evaluation measure. (a) General. The agencies expect that banks would only conduct qualifying activities that are consistent with safe and sound banking practices. A bank will use the performance standards in effect on the first day of its evaluation period for the duration of its evaluation period, unless the bank elects to use performance standards published later during the evaluation period. The current CRA regulatory framework has not kept pace with the transformation of banking and has had the unintended consequence of incentivizing banks to limit some of their CD loans to the length of a CRA evaluation period. 49. See Interagency Questions and Answers, Q&A _.12(g)(3)-1, 81 FR 48506, (July 25, 2016). A plan must specify measurable goals that constitute satisfactory performance. 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