OCC reconsidering CRA final rule

ICBA expressed support for an OCC announcement that it will reconsider its Community Reinvestment Act rulemakings and information collection.

Announcement: The OCC said it will reconsider its June 2020 rule, will not object to institutions suspending its implementation, does not plan to finalize its December 2020 proposed rule on CRA evaluation benchmarks, and is discontinuing CRA information collection announced in December.

ICBA Position: In a statement, ICBA noted it has called on the OCC to delay or withdraw its CRA rule so it can work with the FDIC and Federal Reserve on an interagency CRA rulemaking.

More: “Because CRA regulations and approaches are outdated and can serve as barriers to implementing the law’s mission, modernization should ultimately reflect banking industry changes, recognize the disproportionate reporting burden on community banks, and improve transparency,” ICBA President and CEO Rebeca Romero Rainey said.