Agencies state intent to scrap 2023 CRA rule

The federal bank regulatory agencies during the last week of March announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule.

As of now, this is NOT official, but just stated as the INTENT to EVENTUALLY do so

The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce issued the following statement after federal banking agencies announced their intent to rescind the 2023 Community Reinvestment Act Final Rule:

“We welcome today’s announcement from the federal banking agencies that they intend to rescind the 2023 Community Reinvestment Act Final Rule. As we have shown in our ongoing legal challenge, the 2023 effort to modernize the rules around CRA exceeded the agencies’ statutory authority and would have created disincentives for banks to invest in their communities. Given the strength of our case and the court’s rulings to date, rescinding the rule is the right decision.

“The co-plaintiffs look forward to learning more about the agencies’ plan to rescind the rule. In the meantime, the nation’s banks remain committed to complying with the Community Reinvestment Act and achieving our shared goal of supporting local communities and expanding economic opportunities for all Americans.”