On September 8, 2021, the Office of the Comptroller of the Currenency issued the following Press Release:
The Office of the Comptroller of the Currency (OCC) is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995, as amended. This action facilitates the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.
“The issuance of the OCC’s NPR today is an important step toward strengthening and modernizing the CRA,” said Acting Comptroller Michael J. Hsu. “The OCC is committed to working with the Federal Reserve and FDIC on a future joint rulemaking to develop a consistent framework across all banks that encourages higher levels of responsible lending, investments, services, and greater community engagement, particularly focused on helping to meet the needs of low- and moderate-income and other underserved communities across the nation.”
The proposed rules would apply to all national banks and all federal and state savings associations. Comments must be received on or before October 29, 2021.