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OTS Announces Proposal to Align CRA Regulation With Other Banking Regulators

The Office of Thrift Supervision, under the direction of then James Gilleran, caused quite a stir a couple years back when it broke from the other regulators in reforming Community Reinvestment Act regulations. The OTS, under Director John Reich, who served at the FDIC at the time, is now ready...

By Staff Writer | Updated on October 10, 2006

WASHINGTON — The Office of Thrift Supervision, under the direction of then James Gilleran, caused quite a stir a couple years back when it broke from the other regulators in reforming Community Reinvestment Act regulations. The OTS, under Director John Reich, who served at the FDIC at the time, is now ready to align its regulations with the other regulators. OTS cut back reporting requirements even further than the FDIC and OCC had done at the time.

OTS recently announced that it intends to publish a Notice of Proposed Rulemaking (NPR) to align its Community Reinvestment Act (CRA) regulations with those adopted by the other federal banking agencies finalized in August 2005. The change, the agency said, is to “best serve the interests of insured depository institutions and their communities by providing for consistency in regulation and compliance. In addition, the OTS notes that consistent standards for CRA public evaluations for all insured institutions would improve comparability in assessing the performance of all institutions in meeting the needs of their communities, including low- and moderate-income neighborhoods.”

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