The OCC issued guidance on the federal banking agencies’ March 28 announcement that they plan to rescind the Community Reinvestment Act final rule issued in October 2023 and reinstate the prior CRA framework.
ICBA View: ICBA applauded the federal banking agencies for their announcement on the CRA rule, citing its disproportionate implementation costs for community banks.
Legal Challenge: ICBA and other groups previously filed an appellate brief with the U.S. Court of Appeals for the 5th Circuit as part of their legal challenge to the rule. In their original complaint, the groups said regulators exceeded their statutory authority with the CRA final rule.
Background: Released in October 2023, the CRA final rule was scheduled to take effect in April while requiring bank compliance by Jan. 1, 2026.