The Community Reinvestment Act (CRA)
is designed to encourage regulated banks to help meet the credit
needs of the local communities in which they are chartered.
Specifically, Congress found that “(1) regulated financial
institutions are required by law to demonstrate that their deposit
facilities serve the convenience and needs of the communities in
which they are chartered to do business; (2) the convenience and
needs of communities include the need for credit as well as deposit
services; and (3) regulated financial institutions have continuing
and affirmative obligation to help meet the credit needs of the
local communities in which they are chartered.” The CRA statute
requires the agencies to “assess the institution’s record of
meeting the credit needs of its entire community, including low-
and moderate-income neighborhoods, consistent with the safe and
sound operation of such institution.” Upon completing this
assessment, the statute requires the agencies to “prepare a written
evaluation of the institution’s record of meeting the credit needs
of its entire community, including low- and moderate-income
neighborhoods.” In addition, the statute requires making portions
of these written evaluations, referred to by the agencies as
performance evaluations, available to the public. The statute
further provides that each agency must consider a bank’s CRA
performance “in its evaluation of an application for a deposit
facility by such institution.” This ICR is being submitted in
connection with an interagency proposed rule issued by the OCC, the
Board of Governors of the Federal Reserve System, and the Federal
Deposit Insurance Corporation.
The increase in burden is due
to the proposed change in regulatory requirements.
$0
No
No
No
No
No
No
No
Heidi Thomas 202 874-5090
heidi.thomas@occ.treas.gov
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
1557-0160 Supporting Statement 6-3-22 FINAL FINAL.docx
Deposits Data - Recordkeeping