| Title: |
Community Reinvestment Act Regulations
|
| Subject: | CRA |
| Agency: | OCC (The FDIC, which issued the proposed rule jointly with OCC, declined to finalize the rule with OCC “at this time.”) |
| Status: | Final rule |
| Summary: |
The Office of the Comptroller of the Currency (OCC) is adopting a final rule to strengthen and modernize the Community Reinvestment Act (CRA) by clarifying and expanding the activities that qualify for CRA credit; updating where activities count for CRA credit; creating a more consistent and objective method for evaluating CRA performance; and providing for more timely and transparent CRA-related data collection, recordkeeping, and reporting. |
| FR Doc: |
2020-11220 (OCC final rule); 2019-27940 (proposed rule), 2020-03766 (extension of comment period) |
| Date proposed: | Dec. 12, 2019 |
| Comments due date: |
April 8, 2020 (extended from March 9, 2020) |
| Final rule effective date: | Oct. 1, 2020 (banks must comply with the final amendments by Oct. 1, Jan. 1, 2023, or Jan. 1, 2024, as applicable; appendix C to part 25 expires Jan. 1, 2024) |
| Rule compliance date: | |
| Agency release: |
OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations |
| Related Reg Report item(s): |
Proposal offers banks new flexibility in complying with anti-redlining rules under CRA Acting alone, OCC issues CRA rewrite rules with at least four changes from proposal As OCC finalizes rewrite of CRA rules, FDIC backs off citing ‘herculean effort’ on pandemic |