Bank Agencies Set Effective Dates on Amendments to CRA Implementation Rules

The OCC, the Federal Reserve Board ("FRB") and the FDIC (collectively, the "Agencies") set effective dates on amendments to rules implementing the Community Reinvestment Act ("CRA"). The agencies published the rule and the effective dates in the Federal Register.

The amendment to the rules update "how CRA activities qualify for consideration, where CRA activities are considered, and how CRA activities are evaluated." The Agencies said that the amendments address (i) the expanded role of mobile and online banking, (ii) clarity and consistency on the application of the regulations to the different agencies, such as how to "tailor performance standards to account for differences in bank size and business models and local conditions", (iii) how to "tailor data collection and reporting requirements" and (iv) how to promote transparency and public engagement, among others.

The rule is effective on April 1, 2024, with the exception of certain amendment (Nos. 29, 52 and 75, which are effective April 1, 2024, through January 1, 2031, and amendment Nos. 7, 11, 18, 20, 25, 35, 39, 43, 45, 49, 58, 62, 66, 68, and 72, which are delayed indefinitely.)