OCC Releases Final CRA Rule

 

A final version of a rule updating the Community Reinvestment Act (CRA) is drawing strong criticism from affordable housing and community development leaders.

The concern is the rule published by the Office of the Comptroller of the Currency (OCC) could diminish low-income housing tax credit (LIHTC) investment and other key activities by banks. The rule goes into effect Oct. 1, with a phase-in period for the new requirements.