FDIC, OCC Propose to Modernize Community Reinvestment Act Regs

The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) recently announced proposed regulations that may affect LIHTC investments. The proposed regulations are intended to modernize the agencies’ regulations under the Community Reinvestment Act (CRA), which haven’t been substantively updated for nearly 25 years. The CRA was enacted in 1977 to encourage insured depository institutions to help meet the credit needs in their local communities, including low- and moderate-income neighborhoods.