5.18.21
On May 18, the Office of the Comptroller of the Currency (OCC) announced it is halting the implementation of the June 2020 rule governing the Community Reinvestment Act. The rule “provide[d] banks with more flexibility to deploy resources in response to the COVID-19 pandemic.” The OCC plans to revisit the rule and start from scratch, advising banks to effectively ignore the 2020 modifications while the agency rewrites the regulations. The decision to suspend compliance deadlines for the regulation will “provide the OCC with the opportunity to consider additional stakeholder input, to evaluate issues and questions that have been raised, to reassess the necessary data, and to take additional regulatory action, as appropriate.”