[Federal Register Volume 64, Number 64 (Monday, April 5, 1999)]
[Notices]
[Page 16578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-8213]



[[Page 16577]]

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Part V

Department of the Treasury
_______________________________________________________________________
Office of the Comptroller of the Currency
_______________________________________________________________________
Federal Reserve System
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Federal Deposit Insurance Corporation
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Department of the Treasury
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Office of Thrift Supervision
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 Statement of the Federal Financial Supervisory Agencies Regarding the 
Community Reinvestment Act; Notice

  Federal Register / Vol. 64, No. 64 / Monday, April 5, 1999 / 
Notices  

[[Page 16578]]



DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency
[Docket No. 99-03]

FEDERAL RESERVE SYSTEM

[Regulation BB; Docket No. R-0822]

FEDERAL DEPOSIT INSURANCE CORPORATION

DEPARTMENT OF THE TREASURY

Office of Thrift Supervision
[Docket No. 99-14]


Statement of the Federal Financial Supervisory Agencies Regarding 
the Community Reinvestment Act

AGENCIES: Office of the Comptroller of the Currency (OCC), Department 
of the Treasury; Board of Governors of the Federal Reserve System 
(Board); Federal Deposit Insurance Corporation (FDIC); Office of Thrift 
Supervision (OTS), Department of the Treasury (collectively, the 
agencies).

ACTION: Withdrawal of statement of policy.

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SUMMARY: The agencies are withdrawing their joint statement of policy 
entitled ``Statement of the Federal Financial Supervisory Agencies 
Regarding the Community Reinvestment Act'' (the Statement) because the 
Statement has become obsolete and provides guidance that is currently 
inconsistent with the Community Reinvestment Act (CRA) regulations as 
revised in 1995, which became fully effective on July 1, 1997.

EFFECTIVE DATE: The removal of the Statement of Policy is effective 
April 5, 1999.

FOR FURTHER INFORMATION CONTACT:
    OCC: Malloy Harris, National Bank Examiner, Community and Consumer 
Policy Division, (202) 874-4446; or Margaret Hesse, Senior Attorney, 
Community and Consumer Law Division, (202) 874-5750, Office of the 
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.
    Board: Catherine M.J. Gates, Senior Review Examiner, Division of 
Consumer and Community Affairs, (202) 452-3946; or James H. Mann, 
Attorney, Division of Consumer and Community Affairs, (202) 452-2412, 
Board of Governors of the Federal Reserve System, 20th Street and 
Constitution Avenue, NW, Washington, DC 20551.
    FDIC: Louise N. Kotoshirodo, Review Examiner, Division of 
Compliance and Consumer Affairs, (202) 942-3599; or Robert W. Mooney, 
Senior Fair Lending Specialist, Division of Compliance and Consumer 
Affairs, (202) 942-3090, Federal Deposit Insurance Corporation, 550 
17th Street, NW, Washington, DC 20429.
    OTS: Richard R. Riese, Project Manager, Compliance Policy, (202) 
906-6134; or Theresa A. Stark, Project Manager, Compliance Policy, 
(202) 906-7054, Office of Thrift Supervision, 1700 G Street, NW, 
Washington, DC 20552.

SUPPLEMENTARY INFORMATION:

Background

    On April 5, 1989, the OCC, Board, FDIC, and the Federal Home Loan 
Bank Board (the predecessor to the OTS) issued a Joint Policy Statement 
designed to provide the public and the federally insured financial 
institutions with guidance on the requirements of the CRA and the 
policies and procedures the agencies were to apply to the application 
process. 54 FR 13742. On May 4, 1995, the agencies revised their CRA 
regulations by issuing a joint final rule. 60 FR 22156. See 12 CFR 
parts 25, 228, 345 and 563e, implementing 12 U.S.C. 2901 et seq. 
Subsequently, the agencies published related clarifying amendments on 
December 20, 1995 (60 FR 66048) and May 10, 1996. 61 FR 21362.
    The Statement provided guidance regarding the types of policies and 
procedures that financial institutions should have in place to fulfill 
their responsibilities under the CRA. The Statement reflects the 
preceding CRA regulation and is, therefore, obsolete.
    Section 303 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (the CDRI Act) requires each federal banking 
agency to streamline and modify its regulations and written policies to 
improve efficiency, reduce unnecessary costs, eliminate unwarranted 
restraints on credit availability, remove outmoded and duplicative 
requirements, and to work jointly with the other federal banking 
agencies to make uniform all regulations implementing common statutory 
policies. 12 U.S.C. 4803.
    As part of its effort to fulfill the duties imposed by section 303 
of the CDRI Act, the agencies have reviewed the statement of policy 
concerning the CRA and have concluded that it has been made superfluous 
by the revisions to the regulations that implement the CRA. The 
agencies have therefore decided to withdraw this statement of policy, 
thereby furthering the section 303 goal of removing outmoded and 
duplicative requirements.

The Agencies' Action

    The agencies hereby withdraw the Statement.

    Dated: February 22, 1999.
John D. Hawke, Jr.,
Comptroller of the Currency.
    By order of the Secretary of the Board, acting pursuant to 
delegated authority for the Board of Governors of the Federal 
Reserve System, March 30, 1999.
Jennifer J. Johnson,
Secretary of the Board.
    By order of the Board of Directors, dated at Washington, D.C. 
this 10th day of February, 1998.

    Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

    Editorial Note: This document was received at the Office of the 
Federal Register on March 31, 1999.

    Dated: March 11, 1999.

    By the Office of Thrift Supervision.
Ellen S. Seidman,
Director.
[FR Doc. 99-8213 Filed 4-2-99; 8:45 am]
BILLING CODE OCC 4810-33-P (25%);
BILLING CODE BOARD 6210-01-P (25%);
BILLING CODE FDIC 6714-01-P (25%);
BILLING CODE OTS 6720-01-P (25%)