On November 15, 2013, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (“the federal bank regulatory agencies”) issued the following press release on their final revisions to “Interagency Questions and Answers Regarding Community Reinvestment.” Agencies Release Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment The federal bank regulatory agencies with responsibility for Community Reinvestment Act (CRA) rulemaking today published final revisions to “Interagency Questions and Answers Regarding Community Reinvestment.” The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies’ CRA regulations. The revisions focus primarily on community development. Community development activities are considered as part of the CRA performance tests for large institutions, intermediate small institutions, and wholesale and limited purpose institutions. Small institutions may use community development activity to receive consideration toward an outstanding CRA rating. Among other things, the amendments: • Clarify how the agencies consider community development activities that benefit a broader statewide or regional area that includes an institution’s assessment area Download complete memorandum below

Complete Memorandum