About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

B-333019 Mar 03, 2021 1 (2021-03-03)

handle is hein.gao/gaoljh0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE G A O A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333019 March 3, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency: Community Reinvestment Act Regulations Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC) entitled Community Reinvestment Act Regulations (RIN: 1557- AE34). We received the rule on May 22, 2020. It was published in the Federal Register as a final rule; temporary final rule on June 5, 2020.1 85 Fed. Reg. 34734. The effective date of this final rule is October 1, 2020. According to OCC it is adopting a final rule to strengthen and modernize the Community Reinvestment Act (CRA). See generally, Pub. L. No. 95-128, title VIII, 91 Stat. 1147 (Oct. 12, 1977). OCC stated that this rule clarifies and expands the activities that qualify for CRA credit; updates where activities count for CRA credit; creates a more consistent and objective method for evaluating CRA performance; and provides for more timely and transparent CRA-related data collection, recordkeeping, and reporting. Enclosed is our assessment of OCC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the 1 The due date for this major rule report was June 20, 2020. Due to a processing error on our part, we are delayed in our issuance of this report.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most