OCC Issues FAQs on Proposed Rule to Rescind 2020 CRA Regulations

The OCC today issued a set of frequently asked questions on its notice of proposed rulemaking to rescind its 2020 Community Reinvestment Act rule and replace it with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC. The FAQs reiterate the OCC’s intention to work with the federal banking regulators on a separate joint rulemaking to modernize CRA regulations.

Activities that meet the qualifying criteria under the 2020 CRA rule will still receive CRA consideration if the activity was “originated, made, purchased, or conducted while the June 2020 CRA rule is in effect,” the OCC said. The FAQs also address examination administration, assessment areas, targeted geographic areas and strategic plans.