October 24, 2023

FDIC: Agencies Issue Final Rule to Strengthen and Modernize Community Reinvestment Act Regulations

Federal bank regulatory agencies today jointly issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their entire communities, especially in low– and moderate–income (LMI) neighborhoods, in a safe and sound manner.

Building on feedback from commenters on the proposed rule and research, the final rule updates the CRA regulations to achieve the following key goals:

Most of the rule’s requirements will be applicable beginning January 1, 2026. The remaining requirements, including the data reporting requirements, will be applicable on January 1, 2027.

FDIC: PR-86-2023

This post was originally published here.