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Modernizing the Community Reinvestment Act

By Daniel C. McKay, II, James M. Kane, James W. Morrissey, Jennifer Durham King, Juan M. Arciniegas, Lisa M. Simonetti & Mark C. Svalina on April 4, 2018
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house models and coinsOn April 3, 2018, the Department of Treasury released recommendations to “modernize” the Community Reinvestment Act of 1977 (“CRA”). Treasury’s recommendations include:

 

  • updating the definitions of geographic assessment areas to reflect the changing nature of banking arising from changing technology, customer behavior, and other factors;
  • increasing clarity and flexibility of CRA examinations to increase transparency and effectiveness of CRA rating determinations;
  • improving the examination process to increase timeliness of evaluations and increasing accountability for banks’ planning of their CRA activity; and
  • incorporating performance incentives to better serve the CRA’s intended purpose of encouraging banks to meet the credit and deposit needs of their communities.

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Photo of Daniel C. McKay, II Daniel C. McKay, II
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Photo of James M. Kane James M. Kane
Read more about James M. KaneEmail
Photo of James W. Morrissey James W. Morrissey
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Photo of Jennifer Durham King Jennifer Durham King
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Photo of Juan M. Arciniegas Juan M. Arciniegas

Mr. Arciniegas works primarily as a derivatives lawyer and covers markets for over-the-counter (OTC) derivatives, structured finance products and listed futures. He advises on every stage throughout the life cycle of a derivatives transaction, providing assistance to a wide range of market participants…

Mr. Arciniegas works primarily as a derivatives lawyer and covers markets for over-the-counter (OTC) derivatives, structured finance products and listed futures. He advises on every stage throughout the life cycle of a derivatives transaction, providing assistance to a wide range of market participants engaged in the markets in various capacities. Regulatory matters range from assisting clients on financial reform legislation, registration and membership with the CFTC, NFA, and other financial market utilities, to providing guidance to commercial end-users and sell-side participants on exemptions, cross-border access issues, and matters involving the overlapping jurisdiction of securities and commodities regulation. Transactional matters include the negotiation and implementation of comprehensive documentation for agency-MBS, cleared and OTC derivatives, FX, futures, loan-level hedging arrangements, prime brokerage, repurchase transactions, securities lending, structured finance transactions, and related industry protocols implementing changes in those markets. Mr. Arciniegas has appeared before the CFTC, the Federal Reserve, the SEC, and is a frequent speaker and published author on futures and derivatives topics.

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Photo of Lisa M. Simonetti Lisa M. Simonetti

Lisa M. Simonetti is a Shareholder at Vedder Price and a member of the Litigation group. Ms. Simonetti focuses on the defense of complex litigation, including class actions, mass actions and regulatory investigations and enforcement actions. Ms. Simonetti represents a wide array of…

Lisa M. Simonetti is a Shareholder at Vedder Price and a member of the Litigation group. Ms. Simonetti focuses on the defense of complex litigation, including class actions, mass actions and regulatory investigations and enforcement actions. Ms. Simonetti represents a wide array of financial services companies, including credit card issuers, mortgage lenders, e-commerce companies, automotive finance companies, national banks, student lenders and savings and loan associations.

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Photo of Mark C. Svalina Mark C. Svalina
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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    The 21st Century Banker
  • Organization:
    Vedder Price PC
  • Article: View Original Source

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