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The Office of the Comptroller of the Currency (OCC) last week released a list of 13 Community Reinvestment Act (CRA) evaluations made public in April. Of the 13 evaluations, one was “outstanding,” 11 were “satisfactory” and one was “needs to improve.” The evaluations are of national banks, federal savings association and insured federal branches of foreign banks.

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) evaluations made public in March. Nineteen evaluations were made public–two were rated "needs to improve," four were outstanding and 13 were satisfactory. The evaluations are of national banks, federal savings associations and insured federal branches of foreign banks.

The Office of the Comptroller of the Currency (OCC) released 31 Community Reinvestment Act (CRA) evaluations that were made public in February–24 satisfactory, six outstanding and one "needs to improve." The list includes national banks, federal savings associations and insured federal branches of foreign banks.

The Office of the Comptroller of the Currency (OCC) released a list of 18 Community Reinvestment Act (CRA) performance evaluations made public in January. Six were outstanding, nine were satisfactory and three were “needs to improve.” The list includes national banks, federal savings associations and insured federal branches of foreign banks.

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that were made public in December. There were seven outstanding evaluations and 18 satisfactory evaluations. The list contains national banks, federal savings associations and insured federal branches of foreign banks.

The Office of the Comptroller of the Currency (OCC) released a list of 42 Community Reinvestment Act (CRA) evaluations that became public in November: 29 organizations received satisfactory ratings and 13 received outstanding evaluations.

The Office of the Comptroller (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public in October. Of the 24 evaluations of national banks, federal savings associations and insured federal branches of foreign banks, 16 were satisfactory and eight were outstanding.

The Internal Revenue Service (IRS) recently updated its frequently asked questions document related to refund claims for the employee retention tax credit (ERC) to outline procedures for employers to withdraw suspect claims. The ERC was enacted in response to the COVID-19 pandemic as relief for employers in the form of refunds of employer payroll taxes for up to $26,000 per eligible employee. Qualification is complex: At a high level, employers may be eligible to claim the credit if they suffered a significant decline in gross receipts in 2020 or during the first three quarters of 2021 as measured against quarters in 2019, or if they sustained a full or partial suspension of operations due to a government-issued order aimed at mitigating the spread of COVID-19. The IRS says it believes that many employers filed claims without fully vetting their eligibility, potentially based on faulty advice from advisors who might have been compensated on a commission basis.

The Federal Reserve, Office of Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) today released their final rule concerning Community Reinvestment Act (CRA) regulations. The Federal Reserve also released a fact sheet, overview of key objectives and a Board memo on the final rule. The final rule gives equal weight to retail activities and community development (CD) activities, a change from a 60-40 split in the proposed rule and one that affordable housing and community development stakeholders sought. The rule includes four tests: retail lending, retail services and products, CD financing and CD services. The regulations also give added weight for large banks that invest in low-income housing tax credit (LIHTC) and new markets tax credit (NMTC) equity. More than 75% of annual LIHTC equity investment and virtually all annual NMTC equity investments are from CRA-motivated financial institutions. The final rule will be effective April 1, 2024, except for certain amendments, which are delayed indefinitely. A later announcement will be made for their implementation.

Of the 28 Community Reinvestment Act (CRA) performance evaluations made public in September by the Office of the Comptroller of the Currency (OCC), 21 were satisfactory and seven were outstanding. The list includes national banks, federal savings associations and insured federal branches of foreign banks. Possible ratings are outstanding, satisfactory, needs to improve and substantial noncompliance.

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