Bank Regulators Delay Applicability Date of CRA Amendments

The OCC, the FRB and the FDIC ("Banking Agencies") jointly issued (i) an interim final rule that delays the applicability date of the facility-based assessment areas and public file provisions contained in the Community Reinvestment Act ("CRA") and (ii) a final rule that makes related technical amendments. (See related coverage.)

The banking agencies delayed the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026 "to promote clarity and consistency." The agencies said that banks will not have to make changes to their assessment areas or their public files as a result of the 2023 CRA final rule until January 1, 2026. Comments on the extended applicability date are due 45 days after the rule is published in the Federal Register.

The banking agencies also adopted a final rule that makes technical amendments to the 2023 CRA Final Rule and related regulations. These technical amendments would not change the substance or meaning of the 2023 CRA Final Rule.

Federal Reserve Governor Michelle W. Bowman said that the final rules "provide more evidence of the rushed and overzealous nature of the CRA rulemaking process."

The rule (including interim final rule and technical amendments) will become effective on April 1, 2024.