Purposes and Scope

(1) Purposes. 209 CMR 46.00 is intended to carry out the purposes of the Community Reinvestment Act (CRA) by establishing the framework and criteria by which the Commissioner assesses an institution's record of helping to meet the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of the institution, and by providing that the Commissioner takes that record into account in considering certain applications pursuant to 209 CMR 46.29. (2) Scope. (a) General. 209 CMR 46.00 applies to all institutions as defined in 209 CMR 46.12. (b) Foreign Institution Acquisitions and National Banking Associations. 209 CMR 46.00 also applies to a Massachusetts branch of a bank chartered by another state, the federal government, or a foreign country that results from an acquisition. Enforcement of 209 CMR 46.00 relative to out-of-state national banking associations with a branch in the Commonwealth shall be the responsibility of the Office of the Comptroller of the Currency, pursuant to the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (Public Law 103-123). (c) Advisory Rulings. Each official interpretation by the Federal Financial Institutions Examination Council (FFIEC) or appropriate federal banking regulatory agency of the regulations issued under the Community Reinvestment Act (12 USC 2901 et seq.) that is similar in substance to a provision of 209 CMR 46.00 shall, until rescinded by the FFIEC, be deemed by the Commissioner to be an advisory ruling issued under M.G.L. c. 30A, § 8; provided, however, that the Commissioner may reject an interpretation of the FFIEC or appropriate federal banking regulatory agency.