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In the above-cited issue of the Federal Register, the following federal agencies (collectively, the “federal agencies”) – Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision – published a joint final rule (CRA Rule) that, according to the summary published with the CRA Rule, revises the federal agencies’ rules implementing the Community Reinvestment Act as follows: (1) The CRA Rule implements the statutory requirement1 that the federal agencies consider low-cost education loans provided by a financial institution to low-income borrowers as a factor when assessing the institution’s record of meeting community credit needs. (2) The CRA Rule also incorporates the statutory provision2 that allows the federal agencies to consider capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority-and women-owned financial institutions and low income credit unions as a factor when assessing an institution’s CRA record. For those clients who must comply with the Community Reinvestment Act, we advise you to read the text of and the explanatory preamble to the CRA Rule, which may be accessed at: http://edocket.access.gpo.gov/2010/pdf/2010-24737.pdf.

In today’s Federal Register (75 FR 57252) the Secretary of the Treasury published notice that pursuant to Section 1062 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203), July 21, 2011 is the Designated Transfer Date for the transfer of all of the consumer financial protection functions of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development (as to HUD, this transfer only relates to RESPA, the SAFE Act, and the Interstate Land Sales Full Disclosure Act).

In today’s Federal Register, the following federal agencies – OCC, FRB, FDIC and OTS – published a proposed rule to revise the definition of “community development.” In pertinent part, the proposed revised definition includes “[l]oans, investments, and services that [s]upport, enable, or facilitate projects or activities that meet the criteria described in Section 2301(c)(3) of the Housing and Economic Recovery Act of 2008 (HERA) … and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development in accordance with the Neighborhood Stabilization Program (NSP) established by the HERA and the American Recovery and Reinvestment Act of 2009 … .”

In today’s Federal Register, the following federal agencies – OCC, FRB, FDIC and OTS – published notice that they will hold joint public hearings to solicit comments that can be used for future revision of the CRA regulations. These public hearing dates and locations are as follows: 1. July 19, 2010-FDIC’s L. William Seidman Center, 3501 Fairfax Drive, Arlington, VA 22201-2305. 2. August 6, 2010-Federal Reserve Bank of Atlanta, 1000 Peachtree Street Northeast, Atlanta, GA 30309. 3. August 12, 2010-Federal Reserve Bank of Chicago, 230 South La Salle Street, Chicago, IL 60614. 4. August 17, 2010-Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, CA 90015.