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September 13, 2017

The US Agencies (FDIC, FED, and OCC) are proposing amendments to the Community Reinvestment Act (CRA) regulations to exclude home improvement loans from the definition of "home mortgage loan." The agencies issued a joint notice of proposed rulemaking, intending primarily to conform to changes made by the CFPB to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Comments on the proposal will be accepted for 30 days after publication in the Federal Register. The proposed amendments to the CRA regulations are expected to become effective on January 01, 2018.

The US Agencies, since 1995, have conformed certain definitions in their respective CRA regulations to the scope of loans reported under Regulation C and believe that continuing to do so produces a less burdensome CRA performance evaluation process. The agencies are proposing to amend their CRA regulations to revise the definitions of "home mortgage loan" and "consumer loan," as well as the public file content requirements. These revisions would maintain consistency between the CRA regulations and the recent changes to Regulation C, which become effective on January 01, 2018. The draft proposal also contains technical revisions and would remove obsolete references to the Neighborhood Stabilization Program.

 

Related Link: Notice of Proposed Rulemaking (PDF)

Keywords: Americas, United States of America, Banking, Community Reinvestment Act, Regulation C, Home Mortgage, Consumer Loans, US Agencies

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