OCC Issues Final Rule Revising Community Reinvestment Act Regulations

On May 20, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule overhauling its regulations implementing the Community Reinvestment Act (the “CRA”). The CRA, enacted in 1977, incentivizes banks to meet the credit needs of their entire communities, including low- and moderate-income (“LMI”) neighborhoods. The final rule makes the first major revisions to CRA regulations in nearly twenty-five years, and applies only to national banks, federal savings associations, and insured federal branches.