OCC Issues Proposal to Rescind Its 2020 Community Reinvestment Act Rule

The Office of the Comptroller of the Currency (OCC) announced it is soliciting comments on proposed rules to rescind the Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the federal banking agencies in 1995, as amended. 

“The issuance of the OCC’s NPR today is an important step toward strengthening and modernizing the CRA,” said Acting Comptroller Michael J. Hsu. “The OCC is committed to working with the Federal Reserve and FDIC on a future joint rulemaking to develop a consistent framework across all banks that encourages higher levels of responsible lending, investments, services and greater community engagement, particularly focused on helping to meet the needs of low- and moderate-income and other underserved communities across the nation.” 

OCC said comments must be received on or before October 29, 2021. The Federal Register notice is available here