June 3, 2022
By: Brad Stanhope, Novogradac
A dozen years after announcing their intention to modernize Community Reinvestment Act (CRA) regulations, three federal agencies–the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve (Fed) and Federal Deposit Insurance Corporation (FDIC)–issued a joint notice of proposed rulemaking May 5 to strengthen and modernize the CRA.
The new proposal aims to make CRA regulations more transparent and objective. It also addresses a significant change in how banking works, as online services have made physical bank addresses less dominant. The proposed rules come after discussion that began in 2010 when the agencies announced their intention to revise the CRA regulations and included a 2020 rule by the OCC that was later withdrawn.