Full text of Federal Reserve Bank of New York Circulars : 8288. Community Reinvestment Act

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FED ER AL RESERVE BANK
O F NEW YORK
No. 82881
[ Circular
February 27, 1978 J

COMMUNITY REINVESTMENT ACT
Notice of Regional Hearings
To All State Member Banks, and Others Concerned,
in the Second Federal Reserve District:

Following- is the text of a statement issued February 14 by the Board of Governors of the
Federal Reserve System:
A series of public hearings in five cities, to help Federal bank and thrift institution regulators develop
regulations to carry out the new Community Reinvestment Act (C R A ), was announced today.
The regulatory agencies previously announced they will hold a joint hearing in Washington, D. C. on
March 15 and 16 and invited written public comment on any aspect of interest to individuals or organizations.
CRA—part of the Housing and Community Development Act signed into law last October—requires
that regulations implementing the CRA be in force not later than November 6, 1978. The CRA requires the
Federal regulators to encourage lenders they supervise to meet the credit needs of the entire community consis­
tent with safe and sound operations, and to take lenders’ records in doing so into account when assessing their
applications requiring the regulators’ approval.
The four agencies announced the following schedule of regional hearings:
Federal Deposit Insurance Corporation
March 20, 10 A.M.
Auditorium
Federal Reserve Bank of Boston
Boston, Massachusetts
Federal Reserve Board
March 23, 10 A.M.
American Room
Peachtree Plaza Hotel
Atlanta, Georgia
Federal Deposit Insurance Corporation
March 27, 10 A.M.
Conference Room C
Fifth Floor
Federal Reserve Bank of Dallas
Dallas, Texas
Comptroller of the Currency
April 5 and 6, 10 A.M.
Conference Room. Fifth Floor
Federal Reserve Bank of Chicago
Chicago, Illinois
Federal Home Loan Bank Board
April 12 and 13, 10 A.M.
Ceremonial Courtroom
Federal Building
450 Golden Gate Avenue
San Francisco, California

Printed on the reverse side is an excerpt from the Federal Register of February 21, con­
taining the official text of the agencies’ notice. As indicated in our Circular No. 8267, dated
February 1, 1978, which announced the joint hearing in Washington, D. C., written comments on
this matter may be submitted by March 8, 1978; such written comments may be sent to our
Consumer Affairs and Bank Regulations Department.




P aul A. V olcker,

President.
( over)

[ 6210- 01]

FEDERAL RESERVE SYSTEM
[1 2 CFR C h a p te r II]

COMPTROLLER OF THE CURRENCY
[12 CFR C h a p te r I]

FEDERAL DEPOSIT INSURANCE
CORPORATION
[12 CFR C h a p te r III]

FEDERAL HOME LOAN BANK BOARD
[12 CFR C h a p te r V]

[FRB Docket No. R-0139]
COMMUNITY REINVESTMENT ACT OF 1977
R egional H earing*

AGENCY: Federal R eserve Board,
Com ptroller of th e Currency, Federal
D eposit Insurance Corporation, and
Federal Home Loan Bank Board.
ACTION: N otice of regional hearings.
SUM M ARY: T h e C om m unity R ein ­
vestm ent Act of 1977 (th e “C RA”) re­
quires each appropriate Federal fin an ­
cial supervisory agency to use its au­
th ority w hen exam ining financial in­
stitu tion s, to encourage such in stitu ­
tion s to help m eet th e credit needs of
th e local com m unities in w hich th ey
are chartered con sisten t w ith th e safe
and sound operation of such in stitu ­
tions. T h e financial supervisory agen­
cies announced, in a notice published
in th e F ederal R egister on January
25, 1978, a join t hearing to be held in
W ashington on M arch 15 and 16, 1978,
to aid th e agencies in th e preparation
of regulations prescribed by th e CRA.
T h is docum ent announces th e dates
and addresses of additional regional
hearings for th e sam e purpose.
D A TES AND A D D R ESSES:
Hearing: M arch 20, 1978, 10 a.m.:
Auditorium , Federal R eserve Bank of
B oston, B oston, Mass.: Federal D epos­
it Insurance Corporation presiding.
Hearing: M arch 23, 1978, 10 a.m.:
Am erican R oom , P eachtree Plaza
H otel, A tlanta, Ga.: Federal Reserve
System presiding.
Hearing: M arch 27, 1978, 10 a.m.:
C onference R oom C, F ifth Floor, F ed­
eral R eserve Bank of D allas, D allas,
Tex.: Federal D eposit Insurance Cor­
poration presiding.
Hearing: April 5 and 6, 1978, 10 a.m.:
C onference R oom , F ifth Floor, Feder­
al R eserve Bank of Chicago, Chicago,
111. Com ptroller of th e Currency pre­
siding.




Hearing: April 12 and 13, 1978, 10
a.m.: Cerem onial Courtroom, Federal
Building, 450 G olden G ate Avenue,
San Franciso, Calif.: Federal Home
Loan Bank Board presiding.
Comments: D ue on or before March
8, 1978: Send to Secretary, Board of
Governors of th e Federal Reserve
System , W ashington, D.C. 20551.
FO R
FU R TH ER
INFORM ATION
CONTACT:
R obert J. Lawrence, D eputy S ta ff
D irector for M anagem ent, Board of
G overnors of th e Federal R eserve
System , W ashington, D.C. 20551,
202-452-3766.
SUPPLEM ENTARY INFORM ATION:
On October 12, 1977, th e P resident
signed into law th e H ousing and Com­
m unity D evelopm ent Act of 1977 (Pub.
L. 95-128). T itle VIII of th a t Act is th e
C om m unity R einvestm ent Act o f 1977
(“th e CRA”). T h e CRA requires that,
in connection w ith its exam ination of
a financial in stitu tion w ithin its juris­
diction, th e Board of Governors of the
Federal R eserve System , th e Comp­
troller of th e Currency, th e Federal
D eposit Insurance Corporation, and
th e Federal Hom e Loan Bank Board
(collectively referred to as "the A gen­
cies”) shall assess th e in stitu tio n ’s
record of m eeting th e credit needs of
its entire com m unity, including lowand m oderate-incom e neighborhoods,
con sisten t w ith th e safe and sound op­
eration of th e institution, and th a t th e
appropriate agency take th a t record
into account in its evaluation of any
application by th e in stitu tion for a
charter, deposit insurance, branch or
other deposit facility, office reloca­
tion, merger, or acquisition of bank or
savings in stitu tion shares. Pursuant to
th e authority contained in section 806
of th e CRA, th e Agencies will pre­
scribe regulations to carry out th e pur­
poses of th e CRA to take effect no
later th an Novem ber 6, 1978.
T he four A gencies announced, in a
notioe published in th e F ederal R ic is ter on January 25, 1978, a hearing to
be held in W ashington, D.C. on March
15 and 16, 1978. T h e A gencies also an­
nounced their in ten tion to hold re­
gional hearings w ith dates and tim es
to be announced.
On beh alf of th e four A gencies
notice is hereby given th a t regional
hearings will be held as follows:
F ederal D epo sit I nsurance C orporation

March 20, 1978, at 10 a.m. in the Audito­
rium of the Federal Reserve Bank of
Boston, Boston, Mass.

F ederal R eserve B oard

March 23, 1978, at 10 a.m. in the American
Room at the Peachtree Plaza Hotel, Atlan­
ta, Ga.
F ederal D epo sit I nsurance C orporation

March 27, 1978, at 10 a.m. in Conference
Room C, Fifth Floor, Federal Reserve Bank
of Dallas, Dallas, Tex.
C omptroller

op the

C urrency

April 5 and 6, 1978, at 10 a.m. in the Con­
ference Room, Fifth Floor, Federal Reserve
Bank of Chicago, Chicago, I1L
F ederal H ome L oan B ank B oard

April 12 and 13, 1978, 10 a.m. in the Cere­
monial Courtroom, Federal Building, 450
Golden Gate Avenue, San Francisco, Calif.
Interested persons are invited to
subm it w ritten com m ents regardless of
w h eth er th ey intend to participate in
th e hearing. Any person desiring to
subm it w ritten com m ents, give testi­
m ony, present evidence, or otherw ise
participate in th e proceedings should
file w ith th e Secretary, Board of G ov­
ernors o f th e Federal Reserve System ,
W ashington, D.C. 20551, on or before
M arch 8, 1978, four copies of their
w ritten com m ents or a w ritten request
containing a statem en t of th e nature
of th e p etition er’s in terest in th e pro­
ceedings, th e city in w hich petition
w ishes to testify, th e len gth of tim e re­
quested for oral presentation, a sum ­
mary o f th e m atters concerning w hich
th e petitioner w ishes to give testim ony
or subm it evidence, and th e nam es and
identity of w itnesses who propose to
appear. Copies of all w ritten subm is­
sions w ill be distributed by th e Board
o f G overnors to each of th e other
A gencies and w ill be m ade available
for public inspection and copying upon
request in accordance w ith th e A gen­
cies’ respective rules regarding avail­
ability of inform ation. All m aterial
subm itted should refer to D ocket No.
R-0139.
To aid persons in preparing written
com m ents and testim ony, th e an­
nouncem ent in th e F ederal R egister
on January 25, 1978, included th e tex t
of th e CRA follow ed by questions th a t
th e agencies are expecially interested
in having addressed in w ritten and
oral subm issions. Persons w ishing to
testify, or *ubmit com m ents are re­
quested to refer to th e earlier an­
nouncem ent.
T heodore E. A l liso n ,

Secretary of the Board.
F ebruary 14, 1978.

[FR Doc. 78-4519 Filed 2-17-78; 8:45 am]

FEDERAL REGISTER, V O L 43, NO. 35— TUESDAY, FEBRUARY 21, 1978