October 24, 2023

OCC: Agencies Issue Final Rule to Strengthen and Modernize the Community Reinvestment Act

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.

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This post was originally published here.