Consumer Compliance Outlook: Fourth Issue 2020

Compliance Alert: Federal Reserve Board Issues Advanced Notice of Proposed Rulemaking for the CRA

On September 21, the Board of Governors of the Federal Reserve System (Board) issued an Advance Notice of Proposed Rulemaking (ANPR) that invites public comment on an approach to modernize the Board’s regulations that implement the Community Reinvestment Act (CRA) by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR seeks feedback on ways to evaluate how banks meet the needs of low- and moderate-income communities and address inequities in credit access.

The ANPR, a fact sheet, and other supporting documents are available on the Board’s website. In addition, Board staff prepared a memo for the Governors summarizing the ANPR, which is available here.

Comments can be submitted on the Board’s website at this link. or by sending an email to When submitting comments, reference Docket R-1723 and RIN 7100-AF94. The comment period closes on February 16, 2021.