Independent Banker - September 2023 - 32

PORTFOLIO
to the proposal was Aug. 5, 2022,
and, while the final rule was
expected in late 2023 or early
2024, announcement of a final rule
was still pending at the time of
this writing.
" For the regulators, I think there
is a sense that this is the first time
we've really looked at this rule since
1995, and those changes have lasted
for almost 30 years, " says Mickey
Marshall, director, regulatory legal
affairs, ICBA. " I think there is a
feeling that, once the final rule is
released, that rule will also last a
long while. That is a strong basis
to not rush to completion, to get it
right now, because it may not be
overhauled again for decades. "
Oak Valley Community
Bank, photographed for
Independent Banker in
October 2020, is active
in CRA lending.
ď…€FOCUS COMPLIANCE
Modernizing the CRA
To meet the needs of today's world, the Community
Reinvestment Act is getting an update. Here's what to know
about it. By Mary Thorson Wright
ince its inception four
decades ago, the Community
Reinvestment Act (CRA) has
continued to evolve to reflect
historical, economic and societal
changes. Now, about a quarter
century since the most recent
substantial revisions, the CRA is
S
once again undergoing significant
modernization.
On May 5, 2022, the federal bank
regulators jointly released a notice
of proposed rulemaking (NPR)
to strengthen and modernize the
CRA regulations.
The cutoff date for comments
The evolution of the CRA
The current version of the CRA
was shaped by a series of legal and
regulatory actions. The 20th century
evidenced that most of subsidized
homeownership initiatives excluded
households of color, including
Native American households.
Redlining-defining high-risk
neighborhoods on maps based on
credit-irrelevant factors, such as
race, ethnicity or national origin-
was widely used.
In 1956, the Bank Holding
Company Act was passed and gave
the Federal Reserve leverage to
evaluate banks' and bank holding
companies' responsiveness to
community needs when seeking
approval for mergers with and
acquisitions of other various
financial institutions.
In 1962, President John F.
Kennedy issued an executive order
prohibiting racial discrimination in
housing assistance programs. From
1968 through 1975, a series of fair
lending laws was enacted, including
the Fair Housing Act and Equal
Credit Opportunity Act (ECOA), that
32 // ICBA Independent Banker // September 2023
Photo: Kevin Fiscus

Independent Banker - September 2023

Table of Contents for the Digital Edition of Independent Banker - September 2023

Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
Independent Banker - September 2023 - 4
Independent Banker - September 2023 - 5
Independent Banker - September 2023 - 6
Independent Banker - September 2023 - 7
Independent Banker - September 2023 - 8
Independent Banker - September 2023 - 9
Independent Banker - September 2023 - 10
Independent Banker - September 2023 - 11
Independent Banker - September 2023 - 12
Independent Banker - September 2023 - 13
Independent Banker - September 2023 - 14
Independent Banker - September 2023 - 15
Independent Banker - September 2023 - 16
Independent Banker - September 2023 - 17
Independent Banker - September 2023 - 18
Independent Banker - September 2023 - 19
Independent Banker - September 2023 - 20
Independent Banker - September 2023 - 21
Independent Banker - September 2023 - 22
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Independent Banker - September 2023 - 24
Independent Banker - September 2023 - 25
Independent Banker - September 2023 - 26
Independent Banker - September 2023 - 27
Independent Banker - September 2023 - 28
Independent Banker - September 2023 - 29
Independent Banker - September 2023 - 30
Independent Banker - September 2023 - 31
Independent Banker - September 2023 - 32
Independent Banker - September 2023 - 33
Independent Banker - September 2023 - 34
Independent Banker - September 2023 - 35
Independent Banker - September 2023 - 36
Independent Banker - September 2023 - 37
Independent Banker - September 2023 - 38
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Independent Banker - September 2023 - 40
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Independent Banker - September 2023 - 76
Independent Banker - September 2023 - Cover3
Independent Banker - September 2023 - Cover4
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