The undersigned trade associations appreciate the opportunity to comment on the Office of the Comptroller of the Currency’s (OCC’s) request for input on the renewal under the Paperwork Reduction Act of 1995 (PRA) of the OCC’s information collection titled “CRA Information Collection Survey” (Survey). The OCC notes that this is a renewal of an emergency clearance issued by the Office of Management and Budget (OMB) on November 25, 2020. The OCC has issued this information collection in order to gather bank- specific data on which to base the new CRA performance benchmarks under the agency’s 2020 CRA rule (2020 Rule).
Updating the CRA regulations is a priority for our respective associations—one that has become even more important as the COVID-19 pandemic has highlighted disparities in economic opportunity and accelerated existing wealth gaps, including the racial wealth gap. However, we have significant concerns with the CRA information collection survey and reiterate our request that it be withdrawn.
Our concerns are three-fold. First, we object to the status of the PRA request as a “renewal” of an existing clearance; the information collection request submitted by the OCC on November 24, 2020 to the OMB did not meet the criteria for an emergency designation under the PRA. Second, as we have emphasized previously, interagency rules that result in coordinated CRA policy will provide greater benefits to consumers and communities than a regulatory framework that is not aligned. Therefore, it would be wasteful for banks to devote the personnel and monetary resources necessary to respond to this information collection when the OCC’s new CRA regulation may never be fully implemented. Third, the information collection asks for historical data that is not available and will need to be constructed.
For these reasons, we repeat our request that the OCC take the following actions with respect to the 2020 Rule and the CRA information collection:
- Announce publicly that the OCC intends to coordinate with the Federal Reserve and FDIC on a joint CRA rulemaking.
- In support of joint rulemaking, take action to delay the compliance date of the agency’s 2020 Rule for a period of at least two years.
- Formally withdraw the information collection in the spirit of the Biden Administration’s January 20, 2021 Regulatory Freeze Memo.
- Announce publicly that it is discontinuing work to establish performance benchmarks for the 2020 Rule.
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American Bankers Association
Association of Military Banks of America
Bank Policy Institute
Community Development Bankers Association
Consumer Bankers Association
Independent Community Bankers of America
Mortgage Bankers Association
National Association of Affordable Housing Lenders
National Bankers Association
 85 Fed. Reg. 81270 (December 15, 2020).
 Joint trades letters to the OCC dated January 11, 2021 and February 2, 2021.
 This will require issuance of a notice of proposed rulemaking requesting comment on extending the compliance date.
 February 2, 2021 joint trades letter to the OCC.