ABA, Trade Groups Urge OCC to Formally Withdraw 2020 CRA Rule

The American Bankers Association and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.

The groups urged the OCC to announce publicly that it will coordinate with the Federal Reserve and the FDIC on a joint CRA rulemaking. In support of this joint rulemaking, they said, the OCC should withdraw the rule or delay the compliance date of the 2020 CRA rule for at least two years before significant funds and resources are committed to re-tool existing CRA programs.

“Banks, community advocates, and policymakers overwhelmingly agree that the OCC should undertake CRA modernization jointly with the Federal Reserve and the FDIC,” the groups said. “With this request, we reaffirm our commitment to engaging in a constructive dialogue and to engaging with the banking agencies to develop an updated CRA framework that benefits communities, banks, and regulators alike.”