The OCC issued responses to frequently asked questions about its December 2021 final rule that rescinded its June 2020 Community Reinvestment Act rule and reinstated the 1995 interagency CRA rule.
Details: The FAQs provide general information on the impact of the final rule on CRA bank type, qualifying activities, the transition period, assessment areas, and more.
Background: Effective Jan. 1, the final rule applies to national banks as well as federal and state savings associations.
ICBA Position: In a comment letter and joint letter with other groups, ICBA said it supports the recission but opposes an outright return to the 1995 rule for provisions of the 2020 rule that banks have already implemented.