OCC Finalizes Rule to Rescind 2020 CRA Rulemaking

The OCC today issued a highly anticipated final rule officially rescinding its 2020 Community Reinvestment Act rule and replacing it with rules the agency adopted jointly with the Federal Reserve and FDIC in 1995. The final rule was adopted largely as proposed. Banks will be required to comply with the rule by Jan. 1, 2022, with the exception of the rule’s public file and public notice provisions, which have a compliance date of April 1, 2022.

The OCC noted that “this action is intended to facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.” ABA continues to advocate for a consistent interagency approach to CRA modernization.