Timothy R. Burniston, Senior Advisor, Regulatory Strategy with Wolters Kluwer Compliance Solutions, will moderate a panel discussion at the CBA LIVE 2021 conference on efforts underway by federal regulators and the banking industry to modernize the Community Reinvestment Act (CRA) regulations. Burniston will be joined by Warren Traiger, Senior Counsel, Buckley LLP, and Jim Matthews, SVP, CRA Compliance Officer, Capital One, in a virtual session, “On the Horizon for CRA Modernization,” to discuss key issues associated with updating the CRA, from 2-2:50 p.m. Monday, August 16.
This panel discussion follows June’s announcement by the Office of the Comptroller of the Currency (OCC) of its plans to rescind the CRA rule it had finalized in May 2020 and to work with the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on a joint rulemaking process to modernize the CRA.
Enacted in 1977, the CRA requires the OCC, the Federal Reserve Board, and the FDIC to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.
“The OCC’s recent announcement was welcomed by many as a means to reset modernization discussions over the past few years on bringing the CRA regulations up to date with current banking practices—and to set the path for finding a comprehensive, interagency solution for its modernization,” said Burniston. “The OCC’s announcement, however, reintroduces a host of questions about what a modernized CRA will look like. This CBA event promises to be a timely and lively discussion of those issues with Warren and Jim, both of whom are well-regarded experts on the CRA.”
The panel will explore key considerations for the rulemaking and implementation processes under an interagency approach and delve deeper into issues facing the banking industry, as the regulatory bodies work to arrive at an interagency solution.
“The CRA has been a cornerstone of our banking system for more than 40 years and clearly merits a thoughtful, thorough revision to keep pace with the evolution we are witnessing in banking,” said Steven Meirink, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “That evolution includes the acceleration of online and mobile banking technologies, along with changing customer behaviors that have redefined the way borrowers get access to credit. Many elements of the CRA are under review, from defining the role that assessment areas will play to identifying what kinds of activities qualify for CRA credit under a revised rule.”
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.