Office of Thrift Supervision
CRA Related News Releases
May 11, 2000
OTS 00-46 - Agencies Propose Rule on Disclosure and Reporting of CRA-Related Agreements
Office of Thrift Supervision
| FOR RELEASE at 10:00 A.M. EDT | For further information | ||||
| Wednesday, May 10, 2000 | Contact: William Fulwider | ||||
| OTS 00-46 | 202/906-6913 | ||||
Agencies Propose Rule on Disclosure and Reporting of CRA-Related Agreements
Board of Governors of the Federal Reserve System Joint Release
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
OTS 00-46
FOR IMMEDIATE RELEASE May 10, 2000
AGENCIES PROPOSE RULE ON DISCLOSURE
AND REPORTING OF CRA-RELATED AGREEMENTS
Section 711 establishes annual reporting and public disclosure requirements for certain written agreements between insured depository institutions or their affiliates and nongovernmental entities or persons (including business entities) made pursuant to, or in connection with, the fulfillment of the Community Reinvestment Act of 1977 (CRA). The proposed rule would implement the requirements of the statute.
Section 711 exempts from coverage all agreements with nongovernmental entities or persons that have not had a contact concerning the CRA with the relevant banking organization or a banking agency. Certain types of loans and loan commitments also are exempt from coverage. The proposed rule would implement the exemptions in the statute.
Consistent with the statute, the proposed rule seeks to implement the disclosure and reporting requirements of section 711 in a manner that limits potential burden. For example, the proposed rule would establish simple reporting procedures where possible and would allow nongovernmental entities or persons to use reports that they have prepared for other purposes--such as tax returns and financial statements--if these reports provide the information required by the Act.
The agencies will accept comments on the proposed rule until July 21. A copy of the proposed rule is attached.
Media Contacts:
Federal Reserve: Dave Skidmore (202) 452-2955
OCC: Bob Garsson (202) 874-5770
FDIC: Phil Battey (202) 898-6993
OTS: Bill Fulwider (202) 906-6913
The Office of Thrift Supervision (OTS), an office of the U.S. Treasury, regulates and supervises the nation's thrift industry. OTS's mission is to ensure the safety and soundness of thrift institutions and to support their role as home mortgage lenders and providers of other community credit and financial services. For copies of news releases or other documents visit the OTS web page at www.ots.treas.gov.
Created: Thursday, 5/11/2000
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