After years of discussion among regulators, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued the Community Reinvestment Act (CRA) Final Rule on October 24. Banks will need to prepare for these finalized CRA requirements, which will go into effect in stages beginning on April 1, 2024, and continuing on January 1, 2026 and January 1, 2027.
Is your bank finding it difficult to navigate through the changes? IBAT has you covered. In conjunction with Compliance Pathways and Compliance Select, the team has developed a CRA Final Rule White Paper. While small banks appear to be relatively unscathed, understanding your bank’s obligations under the new rule will still be a significant challenge. The White Paper breaks down the requirements for banks of all sizes and is intended to serve as a guide for your CRA program.
Available for all IBAT members, please reach out for a complimentary copy: [email protected].