Agencies extend certain CRA rule application dates

Federal regulators issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act final rule issued in October.

Details: The agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to Jan. 1, 2026, aligning these provisions with other parts of the rule. Comments on the extension are due within 45 days after the rule is published in the Federal Register.

ICBA View: ICBA and other organizations have filed a lawsuit against the federal banking regulators for exceeding their statutory authority with their recent CRA final rule. The complaint asks the court to vacate the final rule and seeks a preliminary injunction to pause the rule while the court decides the merits of the case.