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The OCC formally published its proposal to rescind its June 2020 Community Reinvestment Act rule and replace it with interagency rules adopted in 1995.
Previous: The OCC in July said it would rescind the CRA rule and work with other agencies on a joint rulemaking, which the FDIC and Federal Reserve Board affirmed in a separate statement.
More: The OCC is also considering maintaining guidance on qualifying CRA activities for the period between the rescission of the rule and issuance of interagency rules, which is expected next year.
ICBA Position: ICBA expressed support for the OCC announcement after previously supporting the agency’s May announcement that it would reconsider the rule.
Deadline: Comments on the proposal are due Oct. 29. The proposal is slated to take effect Jan. 1, 2022.