Agencies announce extended comment period for CRA proposal

Feb 20, 2020
The FDIC and OCC announced plans to extend the comment period for their proposed rule to modernize the Community Reinvestment Act until April 8, 2020.

The proposal overhauls the CRA by broadening "assessment areas," developing general performance standards and creating a qualifying activities list. The decision follows a joint letter by ICBA and others to provide additional time for banker feedback given the complexity of the proposed rule.