OCC Issues Final Rule Revising Community Reinvestment Act Regulations

OCC Issues Final Rule Revising Community Reinvestment Act Regulations

May 26, 2020, Covington Alert

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.