[Federal Register Volume 64, Number 64 (Monday, April 5, 1999)]
[Notices]
[Page 16578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8213]
[[Page 16577]]
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Part V
Department of the Treasury
_______________________________________________________________________
Office of the Comptroller of the Currency
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Federal Reserve System
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Federal Deposit Insurance Corporation
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Department of the Treasury
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Office of Thrift Supervision
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Statement of the Federal Financial Supervisory Agencies Regarding the
Community Reinvestment Act; Notice
Federal Register / Vol. 64, No. 64 / Monday, April 5, 1999 /
Notices
[[Page 16578]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
[Docket No. 99-03]
FEDERAL RESERVE SYSTEM
[Regulation BB; Docket No. R-0822]
FEDERAL DEPOSIT INSURANCE CORPORATION
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
[Docket No. 99-14]
Statement of the Federal Financial Supervisory Agencies Regarding
the Community Reinvestment Act
AGENCIES: Office of the Comptroller of the Currency (OCC), Department
of the Treasury; Board of Governors of the Federal Reserve System
(Board); Federal Deposit Insurance Corporation (FDIC); Office of Thrift
Supervision (OTS), Department of the Treasury (collectively, the
agencies).
ACTION: Withdrawal of statement of policy.
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SUMMARY: The agencies are withdrawing their joint statement of policy
entitled ``Statement of the Federal Financial Supervisory Agencies
Regarding the Community Reinvestment Act'' (the Statement) because the
Statement has become obsolete and provides guidance that is currently
inconsistent with the Community Reinvestment Act (CRA) regulations as
revised in 1995, which became fully effective on July 1, 1997.
EFFECTIVE DATE: The removal of the Statement of Policy is effective
April 5, 1999.
FOR FURTHER INFORMATION CONTACT:
OCC: Malloy Harris, National Bank Examiner, Community and Consumer
Policy Division, (202) 874-4446; or Margaret Hesse, Senior Attorney,
Community and Consumer Law Division, (202) 874-5750, Office of the
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.
Board: Catherine M.J. Gates, Senior Review Examiner, Division of
Consumer and Community Affairs, (202) 452-3946; or James H. Mann,
Attorney, Division of Consumer and Community Affairs, (202) 452-2412,
Board of Governors of the Federal Reserve System, 20th Street and
Constitution Avenue, NW, Washington, DC 20551.
FDIC: Louise N. Kotoshirodo, Review Examiner, Division of
Compliance and Consumer Affairs, (202) 942-3599; or Robert W. Mooney,
Senior Fair Lending Specialist, Division of Compliance and Consumer
Affairs, (202) 942-3090, Federal Deposit Insurance Corporation, 550
17th Street, NW, Washington, DC 20429.
OTS: Richard R. Riese, Project Manager, Compliance Policy, (202)
906-6134; or Theresa A. Stark, Project Manager, Compliance Policy,
(202) 906-7054, Office of Thrift Supervision, 1700 G Street, NW,
Washington, DC 20552.
SUPPLEMENTARY INFORMATION:
Background
On April 5, 1989, the OCC, Board, FDIC, and the Federal Home Loan
Bank Board (the predecessor to the OTS) issued a Joint Policy Statement
designed to provide the public and the federally insured financial
institutions with guidance on the requirements of the CRA and the
policies and procedures the agencies were to apply to the application
process. 54 FR 13742. On May 4, 1995, the agencies revised their CRA
regulations by issuing a joint final rule. 60 FR 22156. See 12 CFR
parts 25, 228, 345 and 563e, implementing 12 U.S.C. 2901 et seq.
Subsequently, the agencies published related clarifying amendments on
December 20, 1995 (60 FR 66048) and May 10, 1996. 61 FR 21362.
The Statement provided guidance regarding the types of policies and
procedures that financial institutions should have in place to fulfill
their responsibilities under the CRA. The Statement reflects the
preceding CRA regulation and is, therefore, obsolete.
Section 303 of the Riegle Community Development and Regulatory
Improvement Act of 1994 (the CDRI Act) requires each federal banking
agency to streamline and modify its regulations and written policies to
improve efficiency, reduce unnecessary costs, eliminate unwarranted
restraints on credit availability, remove outmoded and duplicative
requirements, and to work jointly with the other federal banking
agencies to make uniform all regulations implementing common statutory
policies. 12 U.S.C. 4803.
As part of its effort to fulfill the duties imposed by section 303
of the CDRI Act, the agencies have reviewed the statement of policy
concerning the CRA and have concluded that it has been made superfluous
by the revisions to the regulations that implement the CRA. The
agencies have therefore decided to withdraw this statement of policy,
thereby furthering the section 303 goal of removing outmoded and
duplicative requirements.
The Agencies' Action
The agencies hereby withdraw the Statement.
Dated: February 22, 1999.
John D. Hawke, Jr.,
Comptroller of the Currency.
By order of the Secretary of the Board, acting pursuant to
delegated authority for the Board of Governors of the Federal
Reserve System, March 30, 1999.
Jennifer J. Johnson,
Secretary of the Board.
By order of the Board of Directors, dated at Washington, D.C.
this 10th day of February, 1998.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Editorial Note: This document was received at the Office of the
Federal Register on March 31, 1999.
Dated: March 11, 1999.
By the Office of Thrift Supervision.
Ellen S. Seidman,
Director.
[FR Doc. 99-8213 Filed 4-2-99; 8:45 am]
BILLING CODE OCC 4810-33-P (25%);
BILLING CODE BOARD 6210-01-P (25%);
BILLING CODE FDIC 6714-01-P (25%);
BILLING CODE OTS 6720-01-P (25%)