OCC rescinds CRA benchmarking survey

The OCC said national banks over $2.5 billion in assets are not required to respond to a Community Reinvestment Act benchmarking survey, as advocated by ICBA.

Responding to advocacy from ICBA and other groups encouraging the OCC to rescind its proposed survey, the agency said it will provide more guidance if it decides to issue a new or renewed information collection.

In its comment letter last month, ICBA said the survey would be a significant regulatory burden for many community banks, requiring them to collect and report data that does not currently exist.