The OCC today released additional information for banks to implement the agency’s June 2020 CRA rule. First, the agency published the 2021 list of distressed or underserved areas where banks participating in certain revitalization or stabilization activities may receive Community Reinvestment Act Credit under the agency’s 2020 final CRA rule.
The OCC also published a list delineating the CRA “bank type” of each bank subject to the OCC’s new CRA rules. A bank’s type generally determines the performance standards and related examination procedures used to evaluate the bank’s CRA performance. Generally, the OCC will consider a bank with assets of $600 million or less to be a small bank, while banks with assets between $600 million and $2.5 billion are considered intermediate and banks with assets greater than $2.5 billion are subject to the general performance standards.
Finally, the OCC announced that the median hourly compensation value that will be applied to qualifying community development service activities is $39.03. Under the OCC’s 2020 CRA rule, this figure will be used to quantify the value of a bank’s community development services performed from Oct. 1, 2020 through Dec. 31, 2021 .
These two lists and the determined compensation value apply only to national banks, federal and state savings associations, and federal branches of foreign banks that are subject to the OCC’s June 2020 CRA Rule. The OCC will publish these two lists and the median hourly compensation value annually.