Federal Regulators Announce Joint CRA Overhaul
July 21, 2021
Federal banking regulators are planning a joint overhaul of rules governing the Community Reinvestment Act.
WASHINGTON, DC (July 21, 2021) – Three federal agencies, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) regulate the Community Reinvestment Act (CRA), a 1977 law that encourages federally-regulated banks and depository institutions to make loans and invest in the communities they serve including low and moderate-income neighborhoods. Federal regulators currently consider bank investments in SBICs and RBICs a “qualifying activity” for CRA credit. SBIA filed formal comments earlier this year in response to a request for stakeholder input.
About the Small Business Investor Alliance (SBIA)
The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit www.SBIA.org or call (202) 628-5055.