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OCC Proposed Rule on CRA Evaluation Measure Benchmarks

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OCC Proposed Rule on CRA Evaluation Measure Benchmarks 78258 Federal Register / Vol. 85, No. 234 / Friday, December 4, 2020 / Proposed Rules (iii) In the case of a law graduate, he eRulemaking Portal, if possible. Please rulemaking action by the following or she has filed a statement that he or use the title ‘‘Community Reinvestment method: she is appearing under the supervision Act Regulations’’ to facilitate the • Viewing Comments Electronically— of a licensed attorney or accredited organization and distribution of the Regulations.gov Classic or representative and that he or she is comments. You may submit comments Regulations.gov Beta: appearing without direct or indirect by any of the following methods: Regulations.gov Classic: Go to https:// remuneration from the alien he or she • Federal eRulemaking Portal— www.regulations.gov/. Enter ‘‘Docket ID represents; Regulations.gov Classic or OCC–2020–0025’’ in the Search box and (iv) An attorney or accredited Regulations.gov Beta click ‘‘Search.’’ Click on ‘‘Open Docket representative physically accompanies Regulations.gov Classic: Go to https:// Folder’’ on the right side of the screen. the law student or law graduate who is www.regulations.gov/. Enter ‘‘Docket ID Comments and supporting materials can appearing. The accompanying attorney OCC 2020–0025’’ in the Search Box and be viewed and filtered by clicking on or accredited representative must be click ‘‘Search.’’ Click on ‘‘Comment ‘‘View all documents and comments in authorized to practice before EOIR and Now’’ to submit public comments. For this docket’’ and then using the filtering be prepared to proceed with the case at help with submitting effective tools on the left side of the screen. Click all times; and comments please click on ‘‘View on the ‘‘Help’’ tab on the (v) All filings by law students and law Commenter’s Checklist.’’ Click on the Regulations.gov home page to get graduates are made through an EOIR- ‘‘Help’’ tab on the Regulations.gov home information on using Regulations.gov. registered attorney or accredited page to get information on using The docket may be viewed after the representative. Regulations.gov, including instructions close of the comment period in the same for submitting public comments. manner as during the comment period. * * * * * Regulations.gov Beta: Go to https:// Regulations.gov Beta: Go to https:// beta.regulations.gov/ or click ‘‘Visit James R. McHenry, beta.regulations.gov/ or click ‘‘Visit New Regulations.gov Site’’ from the Director, Executive Office for Immigration New Regulations.gov Site’’ from the Regulations.gov classic homepage. Enter Review, Department of Justice. Regulations.gov classic homepage. Enter ‘‘Docket ID OCC–2020–0025’’ in the [FR Doc. 2020–26115 Filed 12–3–20; 8:45 am] ‘‘Docket ID OCC–2020–0025’’ in the BILLING CODE 4410–30–P Search Box and click ‘‘Search.’’ Public comments can be submitted via the Search Box and click ‘‘Search.’’ Click on ‘‘Comment’’ box below the displayed the ‘‘Comments’’ tab. Comments can be viewed and filtered by clicking on the DEPARTMENT OF THE TREASURY document information or click on the document title and click the ‘‘Sort By’’ drop-down on the right side ‘‘Comment’’ box on the top-left side of of the screen or the ‘‘Refine Results’’ Office of the Comptroller of the options on the left side of the screen. Currency the screen. For help with submitting effective comments please click on Supporting Materials can be viewed by clicking on the ‘‘Documents’’ tab and 12 CFR Parts 24, 25, 35, and 192 ‘‘Commenter’s Checklist.’’ For assistance with the Regulations.gov Beta filtered by clicking on the ‘‘Sort By’’ [Docket ID OCC–2020–0025] site please call (877)-378–5457 (toll free) drop-down on the right side of the screen or the ‘‘Refine Results’’ options RIN 1557–AE96 or (703) 454–9859 Monday-Friday, 9am- 5pm ET or email to regulations@ on the left side of the screen.’’ For Community Reinvestment Act erulemakinghelpdesk.com. assistance with the Regulations.gov Beta Regulations • Mail: Chief Counsel’s Office, site please call (877)-378–5457 (toll free) Attention: Comment Processing, Office or (703) 454–9859 Monday-Friday, 9am- AGENCY: Office of the Comptroller of the of the Comptroller of the Currency, 400 5pm ET or email to regulations@ Currency, Treasury. 7th Street SW, Suite 3E–218, erulemakinghelpdesk.com. ACTION: Notice of proposed rulemaking. Washington, DC 20219. The docket may be viewed after the • Hand Delivery/Courier: 400 7th close of the comment period in the same SUMMARY: The Office of the Comptroller Street SW, Suite 3E–218, Washington, manner as during the comment period. of the Currency (OCC) is issuing a notice DC 20219. FOR FURTHER INFORMATION CONTACT: Ioan of proposed rulemaking to request Instructions: You must include Voicu, Director, Compliance Risk comment on the OCC’s proposed ‘‘OCC’’ as the agency name and ‘‘Docket Analysis Division, at (202) 649–5550; or approach to determine the Community ID OCC–2020–0025’’ in your comment. Daniel Borman, Senior Attorney, Daniel Reinvestment Act (CRA) evaluation In general, the OCC will enter all Sufranski, Attorney, or Jean Xiao, measure benchmarks, retail lending comments received into the docket and Attorney, Chief Counsel’s Office, (202) distribution test thresholds, and publish the comments on the 649–5490, Office of the Comptroller of community development minimums Regulations.gov website without the Currency, 400 7th Street SW, under the general performance change, including any business or Washington, DC 20219. standards. The proposal further explains personal information provided such as SUPPLEMENTARY INFORMATION: how the OCC would assess significant name and address information, email declines in CRA activities levels in addresses, or phone numbers. I. Introduction connection with performance context Comments received, including following the initial establishment of On June 5, 2020, the OCC published attachments and other supporting a final rule in the Federal Register (2020 the benchmarks, thresholds, and materials, are part of the public record minimums. Finally, the proposed rule final rule) to update the regulatory and subject to public disclosure. Do not framework implementing the would make clarifying and technical include any information in your amendments to the CRA final rule. Community Reinvestment Act of 1977 comment or supporting materials that (CRA) 1 for national banks and savings DATES: Comments must be received on you consider confidential or or before February 2, 2021. inappropriate for public disclosure. 1 Community Reinvestment Act of 1977, Public ADDRESSES: Commenters are encouraged You may review comments and other Law 95–128, 91 Stat. 1147 (1977), codified at 12 to submit comments through the Federal related materials that pertain to this U.S.C. 2901 et seq. VerDate Sep<11>2014 18:21 Dec 03, 2020 Jkt 253001 PO 00000 Frm 00019 Fmt 4702 Sfmt 4702 E:\FR\FM\04DEP1.SGM 04DEP1 Federal Register / Vol. 85, No. 234 / Friday, December 4, 2020 / Proposed Rules 78259 associations (collectively, banks).2 The banks’ CRA activities by creating analyzes the public comments on this 2020 final rule was the culmination of uncertainty about which activities proposal and the data it receives, the a multi-year process of engagement with would qualify and how much those OCC plans to issue a final rule that will various stakeholders to ensure that the activities would contribute to banks’ adopt an approach for setting the CRA remains a relevant and powerful CRA ratings. Through hearings, benchmark, threshold, and minimum tool for encouraging insured depository outreach, and public comments during values that correspond to the institutions to serve the needs of their the rulemaking process, the OCC presumptive ratings 6 (i.e., outstanding, entire communities, including low- and learned that many banks engaged only satisfactory, needs to improve, and moderate-income (LMI) neighborhoods. in CRA activities for which they substantial noncompliance) for banks The 2020 final rule strengthened and previously received CRA consideration assessed under the general performance modernized the implementation of the and committed capital and credit only standards. In addition, once the OCC CRA by making the regulatory to activities for which they were has determined the specific framework more objective, transparent, confident that they would receive benchmarks, thresholds, and minimums consistent in application, and reflective consideration—at the cost of innovation according to the selected approach, the of changes in the banking industry and and responsiveness. In addition, the agency will take the appropriate steps to how consumers bank. The OCC’s goal in historical framework lacked consistent publicize the standards and engage implementing the 2020 final rule was to and objective evaluations and timely stakeholders regarding the specific make the CRA framework a better tool and transparent reporting, which benchmarks, thresholds, and to encourage banks to engage in more inhibited the public’s ability to minimums. Once finalized, the OCC activities to serve the needs of their understand how and to what extent expects to periodically review and communities, particularly in LMI and banks were meeting community credit adjust these benchmarks, thresholds, other historically underserved needs. and minimums, as necessary, to ensure communities. These goals are consistent By moving to a system that is that these measures are incentivizing with the statutory purpose of the CRA primarily objective and transparent banks to engage in appropriate
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