9.8.21
On September 8, the Office of the Comptroller of the Currency (OCC) announced a proposed plan to rescind the Community Reinvestment Act (CRA) rule that was previously issued in 2020. The OCC aims to replace the existing CRA rule with the previous framework and rules adopted jointly by Federal banking agencies in 1995, which would virtually undo the entire 2020 CRA rulemaking. This latest move facilitates the ongoing interagency work among the OCC, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) to modernize the CRA regulatory framework. Public comments to the proposed rules must be submitted to the OCC by October 29, 2021.