NR 2000-33
FOR IMMEDIATE RELEASE	 					             
May 10, 2000

AGENCIES PROPOSE RULE ON DISCLOSURE
AND REPORTING OF CRA-RELATED AGREEMENTS

The Board of Governors of the Federal Reserve System, the 
Federal Deposit Insurance Corporation, the Office of the 
Comptroller of the Currency and the Office of Thrift Supervision 
jointly announced today their request for comment on a proposed 
rule implementing section 711, CRA Sunshine Requirements, of the 
recently enacted Gramm-Leach-Bliley Act. 

Section 711 establishes annual reporting and public 
disclosure requirements for certain written agreements between 
insured depository institutions or their affiliates and 
nongovernmental entities or persons (including business entities) 
made pursuant to, or in connection with, the fulfillment of the 
Community Reinvestment Act of 1977 (CRA).  The proposed rule 
would implement the requirements of the statute.

Section 711 exempts from coverage all agreements with 
nongovernmental entities or persons that have not had a contact 
concerning the CRA with the relevant banking organization or a 
banking agency.  Certain types of loans and loan commitments also 
are exempt from coverage.  The proposed rule would implement the 
exemptions in the statute.

Consistent with the statute, the proposed rule seeks to 
implement the disclosure and reporting requirements of section 
711 in a manner that limits potential burden.  For example, the 
proposed rule would establish simple reporting procedures where 
possible and would allow nongovernmental entities or persons to 
use reports that they have prepared for other purposes—such as 
tax returns and financial statements—if these reports provide 
the information required by the Act. 

The agencies will accept comments on the proposed rule until 
July 21.



Media Contacts:
Federal Reserve:  Dave Skidmore (202) 452-2955	       
OCC: 		  Bob Garsson   (202) 874-5770
FDIC:		  Phil Battey   (202) 898-6993	       
OTS:  		  Bill Fulwider (202) 906-6913