WASHINGTON–Comptroller of the Currency Joseph M. Otting has taken to YouTube to make his pitch for why the OCC is proposing a rewrite of the anti-redlining rules that are part of the Community Reinvestment Act.
As CUToday.info reported here, both the FDIC and the OCC have put out for comment proposals aimed at giving banks new flexibility in complying with CRA. Under the FDIC proposal, the agency would publish more expansive criteria for the types of activities that qualify for CRA credit, according to the FDIC, including what it called “defined criteria” to identify the types of activities that meet the credit needs of banks’ communities and, thus, can be considered qualifying activities.
The OCC proposal would also allow banks under $500 million the option of being evaluated under the current CRA small bank test or to opt into the proposed new general performance standards.
In the 45-second video, Otting suggests the proposal by the OCC, which oversees national banks, is in response to a need for “rules that encourage banks to serve” consumers who do their banking remotely via online or mobile banking solutions.
(Some) Comments Sought
Otting said the rewrite would help determine how well banks are serving consumers away from their branch networks.
“Please read the proposal and provide your comments to help us make the CRA rules the best they can be,” Otting says in the video.
One note: the comments section in the YouTube video has been deactivated.
The video can be found here.