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The Interagency Community Reinvestment Act Proposal: Ten Things To Know

Alert May 13, 2022

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  • The Interagency Community Reinvestment Act Proposal: Ten Things To Know

The Interagency Community Reinvestment Act Proposal: Ten Things To Know

May 13, 2022, Covington Alert

On May 5, 2022, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) released a notice of proposed rulemaking (“NPR”) to overhaul the agencies’ regulatory framework for evaluating banks’ Community Reinvestment Act (“CRA”) performance. The NPR would make the most significant interagency changes to the agencies’ CRA regulations in more than 25 years, and follows a 2020 advance notice of proposed rulemaking by the Board, as well as an effort by the OCC to make changes to its own CRA rules, which the OCC reversed last year. The deadline for comments on the NPR is August 5, 2022.

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