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ABA: The American Bankers Association
Compliance News

Fed's Brainard Discusses Potential Changes to CRA Assessment Area Definition

As financial regulators continue their review of the Community Reinvestment Act regulations, Fed Governor Lael Brainard said that they are considering making adjustments to the assessment area definition that would allow banks to receive CRA consideration for community development activities.

As financial regulators continue their review of the Community Reinvestment Act regulations, Federal Reserve Governor Lael Brainard said that they are considering making adjustments to the assessment area definition that would allow banks to receive CRA consideration for community development activities in a more expansive area. Brainard added that this approach "would help eliminate uncertainty and could encourage more capital for affordable housing, community facilities, and economic development activities in underserved areas."