🏦Proposed Amendments to Community Reinvestment Act Regulations
Community Reinvestment Act Regulations
Summary
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) propose to amend their Community Reinvestment Act (CRA) regulations by rescinding the final rule titled "Community Reinvestment Act" published in the Federal Register on February 1, 2024, and replacing it with the agencies' CRA regulations in effect on March 29, 2024, with certain conforming and technical amendments. The agencies are also proposing technical amendments to their regulations implementing the CRA sunshine requirements of the Federal Deposit Insurance Act, and the OCC is proposing technical amendments to its Public Welfare Investments regulation.
Agencies
- Federal Reserve System
- Treasury Department
- Comptroller of the Currency
- Federal Deposit Insurance Corporation
Business Impact
$$$ - High
The proposed amendments to the Community Reinvestment Act regulations would significantly impact banks, particularly regarding compliance requirements, performance assessments, and reporting duties. A return to the 1995 CRA regulations implies banks will need to readjust operations to align with these standards, which may involve reassessing community development activities and resource allocation for compliance.