Federal regulators this week pledged to speed approvals for banks trying to customize their Community Reinvestment Act compliance.

When CRA rules were revamped in April 1995, a new option let banks set their own CRA requirements. Under the "strategic plan option," banks develop CRA goals, get comment from the public, and obtain regulators' approval. Once a plan is approved, a bank seeking an "outstanding" CRA rating is guaranteed that grade if it meets its own goals.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.