OCC Issues Bulletin on Notice of Proposed Rulemaking
Summary
Note for
The proposed rule would apply to all banks, including community banks.
Highlights
Changes Based on Regulation C
The proposed rule would
* change the definition of "home mortgage loan" in CRA regulations to mean a "closed-end mortgage loan" or an "open-end line of credit" as those terms will be defined under revised Regulation C.
* remove the term "home equity loan" from the list of consumer loan categories provided under the definition of "consumer loan" in CRA regulations.
* provide that an institution required to report HMDA data would no longer need to provide its HMDA disclosure statement directly to the public or to maintain the disclosure statement in its public file; rather, the institution would only be required to provide a notice required under new 12 CFR 1003.5(b) of Regulation C, which states that the public may obtain a copy of the disclosure statement from the
Technical Amendments
The proposed rule would
* remove the term "home equity" each time it appears as a category of consumer loans in the CRA regulations.
* remove an obsolete reference to Regulation C's Appendix A in the definition of "community development loan" in the CRA regulations.
* remove an obsolete reference to the Neighborhood Stabilization Program in the definition of "community development" in the CRA regulations.
Background
On
Effective
Effective
Further Information
Please contact
Senior Deputy Comptroller and Chief Counsel
Related Link
* "Community Reinvestment Act Regulations" (PDF) (https://www.gpo.gov/fdsys/pkg/FR-2017-09-20/pdf/2017-19765.pdf)
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