The OCC formally published its proposal to rescind its June 2020 Community Reinvestment Act rule and replace it with interagency rules adopted in 1995.
OCC issues proposal on rescinding CRA rule
September 20, 2021 / By ICBA
The OCC formally published its proposal to rescind its June 2020 Community Reinvestment Act rule and replace it with interagency rules adopted in 1995.
The OCC formally published its proposal to rescind its June 2020 Community Reinvestment Act rule and replace it with interagency rules adopted in 1995.
Previous: The OCC in July said it would rescind the CRA rule and work with other agencies on a joint rulemaking, which the FDIC and Federal Reserve Board affirmed in a separate statement.
More: The OCC is also considering maintaining guidance on qualifying CRA activities for the period between the rescission of the rule and issuance of interagency rules, which is expected next year.
ICBA Position: ICBA expressed support for the OCC announcement after previously supporting the agency’s May announcement that it would reconsider the rule.
Deadline: Comments on the proposal are due Oct. 29. The proposal is slated to take effect Jan. 1, 2022.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
