ICBA and other groups this week called on the OCC to formally withdraw its Community Reinvestment Act rule or delay its January 2023 compliance date for at least two years.
Background: While the OCC is expected to reopen discussions with other regulators over issuing a joint CRA rule under the Biden administration, the groups noted that banks must otherwise plan to comply with the OCC’s rule by January 2023 until it is formally withdrawn or delayed.
ICBA Position: ICBA has repeatedly called on regulators to work together on updated CRA regulations that reflect banking industry changes, recognize the disproportionate reporting burden on community banks, and improve transparency.