The proposed threshold for each type of activity is calibrated to local conditions as they evolve over the cycle, and the community development finance metric uses an additional time-varying national rural or urban comparator. The Path Ahead Staff across the Federal Reserve System have devoted substantial time and effort to engaging with the other banking agencies in the CRA reform process.
The analysis, data, and proposals I have discussed today have all been shared in greater detail with our counterparts at the other banking agencies in an effort to forge a common approach. We were hopeful our proposed approach could be incorporated into the proposed rulemaking that was released last month in order to seek public comment on a range of options.