Sunday, November 28, 2021

Proposed Rulemaking to Rescind the OCC’s June 2020 CRA Rule

The Office of the Comptroller of the Currency (OCC) responded to commonly asked questions (FAQ) about a notice of proposed rulemaking seeking public comment on a plan to revoke the OCC’s Community Reinvestment Act (CRA) regulation, which was issued on June 5, 2020. (June 2020 CRA rule). The notice, which was published in the Federal Register on September 17, 2021, suggests that the CRA regulation adopted jointly by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in 1995, be significantly updated.

The OCC stated that activities that meet the qualifying criteria under the 2020 CRA rule will still be eligible for CRA consideration provided they were “conceived, created, purchased, or undertaken when the June 2020 CRA regulation was in effect.” Exam administration, assessment areas, targeted geographic areas, and strategy plans are all covered in the FAQs.

To read more from OCC Bulletin, click here.