The OCC and FDIC issued a long-awaited proposed rule to modernize Community Reinvestment Act regulations. The agencies said the proposal is designed to address digital banking changes, expand the scope of what qualifies for CRA credit, and improve clarity by establishing more objective performance standards.
While ICBA continues to review the proposal, the plan includes ICBA-supported provisions to modernize the definition of small-business loans, promote lending to family farms, and provide a list of pre-approved CRA activities. The proposal also includes an ICBA-advocated provision allowing community banks $500 million and under to opt into the revised framework.
"ICBA will fully review the proposal with our member community banks to assess how it will affect their ability to meet the needs of their communities, including low- and moderate-income individuals," ICBA President and CEO Rebeca Romero Rainey said.
Comments on the proposal will be accepted for 60 days after publication in the Federal Register.
Read ICBA Release