Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Community Reinvestment Act Regulations".
About This Bill
Passed
Latest Action · October 19, 2020
Motion to proceed to consideration of measure rejected in Senate by Yea-Nay Vote. 43 - 48. Record Vote Number: 201.
This joint resolution nullifies a rule published on June 5, 2020, by the Office of the Comptroller of the Currency within the Department of the Treasury.
The rule generally revises the office's implementation of the Community Reinvestment Act (CRA), which requires banks to serve the credit needs of low- and moderate-income communities. Under the CRA, a bank receives credit, which influences the bank's performance rating, for conducting specified activities related to this requirement in designated assessment areas.
Among other things, the rule revises qualifying CRA activities, sets forth new procedures for determining if an activity qualifies under the CRA, and expands designated assessment areas.
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