July 27, 2022

OCC: Infographics on CRA Modernization Proposed Rule Issued

The Office of the Comptroller of the Currency (OCC) today released a series of infographics to promote comment on the interagency notice of proposed rulemaking (NPR) to modernize and strengthen the Community Reinvestment Act (CRA).

The infographics include key information from the CRA NPR on performance standards; data collection, maintenance and reporting; assessment areas; community development; and retail lending products. The infographics are specific to small banks, intermediate banks, large banks, and wholesale or limited purpose banks. The large bank infographic includes an additional section on data reporting.

The OCC, Federal Reserve Board, and FDIC issued a joint CRA proposal intended to promote increased lending and investment in low- and moderate-income communities; reflect changes in the banking industry; provide greater clarity and consistency; tailor requirements to bank size, business model, and local conditions; and promote transparency and public engagement.

Comments on the proposal will be accepted on or before August 5, 2022.

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This post was originally published here.