"Community banks are important drivers of economic growth and require a tailored, proportional supervisory framework that reflects their critical role in local economies, Comptroller of the Currency Jonathan V. Gould said in a statement. By definition, community banks are focused on meeting the financial needs of their communities. Today's proposal for a simplified CRA strategic plan enables them to better focus their resources on local credit needs."
"Under the CRA's strategic plan option, the guidance would make it easier for banks to tailor their CRA plans to local needs by clarifying required elements, setting clearer goals and streamlining the process for submitting plans to the OCC for approval. Under the CRA's strategic plan option, banks may tailor their CRA examinations to the needs of their communities rather than being judged by a one-size-fits-all exam."
"The bank would be able to create a plan that reflects the specific needs of the communities it serves and what the bank is realistically able to do based on its size, resources, products and business model. The OCC said the plan provides flexibility and could help reduce CRA-related regulatory burden for a range of community banks, including small retail institutions and larger, nontraditional banks that operate primarily online."
Community banks drive local economic growth and need a proportional supervisory framework reflecting their role in local economies. A proposed simplified CRA strategic plan option would let community banks focus resources on local credit needs by clarifying required elements, setting clearer goals, and streamlining OCC approval. Banks could tailor exams and plans to community needs, considering size, resources, products, and business model. The plan offers flexibility for small retail banks and larger online banks, potentially reducing CRA-related regulatory burden. The OCC will accept public comments for 60 days after publication in the Federal Register.
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