Modernizing the Community Reinvestment Act: New Proposed Regulations
New CRA Approaches to Online and Mobile Banking, Data Collection, Bank Size, and Capability
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine a new joint proposal by the federal banking agencies to modernize the Community Reinvestment Act (CRA) regulations. The panel will discuss how the rise of mobile and online banking would be addressed in the new regs, how compliance obligations might vary depending on bank size and location, and steps bank and non-bank lenders should take in anticipation of the proposed changes to the CRA.
Outline
- Community Reinvestment Act: current regulatory framework and why it is outdated
- Key aspects of the joint proposal
- Adapts to changes in the banking industry, including expanded mobile and online banking
- Provides greater clarity and consistency in the application of the CRA regulations
- Performance standards differ depending on bank size, business models, and local conditions
- Data collection and reporting requirements and use of existing data
- Transparency and public engagement
- CRA and fair lending responsibilities are mutually reinforcing
- Creates a consistent regulatory approach that applies to banks regulated by all three agencies
- Actions banking institutions should take now
Benefits
The panel will review these and other issues:
- In what respects has the CRA become outdated, given the changes in the delivery of banking services?
- How can mobile and online banking be used to satisfy a bank's CRA performance obligations?
- In what respects do performance standards differ for more extensive and smaller financial institutions under the new regs?
- What actions should banks take now to ensure that their data collection and reporting practices comply with the new CRA regs?
Faculty
Matthew Bisanz
Partner
Mayer Brown
Mr. Bisanz counsels domestic and global financial services firms on a variety of banking and derivatives regulatory... | Read More
Mr. Bisanz counsels domestic and global financial services firms on a variety of banking and derivatives regulatory issues. He advises financial institutions on core bank regulatory issues and adjacent subject matter domains. Mr. Bisanz is knowledgeable in all major aspects of the operations of an insured depository institution, its affiliates, and its partners—including chartering, acquisition, and permissibility analyses; ongoing risk management, governance, and compliance requirements; and insolvency and resolution issues. He also advises clients on Dodd-Frank Act compliance issues, including the Volcker Rule, capital and liquidity requirements, Reg YY enhanced prudential standards, and Title VII compliance. Further, his practice extends to the other regulatory and risk management needs of the firm’s financial institution clients through counseling on regulatory inventories and change management, cybersecurity and data privacy concerns, and anti-money laundering compliance. Mr. Bisanz currently serves as the Vice-Chair of the American Bar Association’s subcommittee on banking legislation and regulation.
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Natasha Dempsey
Senior Attorney
Goodwin Procter
Ms. Dempsey is a senior attorney in the firm’s Financial Industry group and Consumer Financial Services, Fintech... | Read More
Ms. Dempsey is a senior attorney in the firm’s Financial Industry group and Consumer Financial Services, Fintech and Banking practices, advising traditional banks, non-depository financial institutions, and fintech clients. Prior to joining the firm, Ms. Dempsey practiced in-house for several years at a large banking and insurance company with a focus on regulatory compliance, risk management, corporate governance, product development, strategic transactions, and banking supervision and enforcement support.
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Robin Nunn
Partner
Morgan, Lewis & Bockius
Ms. Nunn is Co-Leader of the firm’s Banking Industry Team. Her practice focuses on complex civil litigation,... | Read More
Ms. Nunn is Co-Leader of the firm’s Banking Industry Team. Her practice focuses on complex civil litigation, enforcement litigation, white collar defense, transactional due diligence, creation and review of corporate compliance programs, and investigations. Ms. Nunn also counsels on novel issues connected to new communication technologies, blockchain, cryptocurrencies, payments, artificial intelligence, and big data. She has handled high-stakes cases on behalf of a wide range of clients, including banks, financial services firms, fintech companies, pharmaceutical companies, technology companies, and private equity firms in connection with civil trials and hearings, regulatory investigations and enforcement proceedings, state licensing, product development, regulatory compliance, examination, transactional matters, False Claims Act investigations, antitrust disputes and consumer protection lawsuits.
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