In July of 2021, the Office of the Comptroller of Currency (OCC) announced it would withdraw its rules to modernize the Community Reinvestment Act (CRA). The OCC, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board (FRB) issued a joint statement that they would work together to draft rules that would “…best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods.”
The much-anticipated joint agency proposal to “to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA)” has landed. Prior to the OCC’s solo attempt at revising the CRA, the last major revisions were made in 1995.
At over 600 pages, it’s going to take some time to digest. It was released with a helpful one-page “Proposal Fact Sheet,” but the devil will be in the detail. Recognizing that these proposals will impact every bank in the nation, the agencies have allowed until August 5 to submit comments.
IBAT will work in collaboration with our CRA Task Force (under the direction of General Counsel Karen Neeley) to formulate a comprehensive response.
Acknowledging the impact of this proposal, the agencies will host a special “Ask the Regulators” webinar on Wednesday, May 11, at 3:00 ET. The agencies aim to “…provide an overview of the proposal and its objectives’ during the program.”
Click here to register.