The OCC said it will propose rescinding its May 2020 Community Reinvestment Act rule and work with other agencies on a joint rulemaking.
OCC Decision: The OCC said its decision follows a review of the rulemaking initiated by Acting Comptroller of the Currency Michael Hsu in May.
Interagency Statement: In a joint statement, the FDIC and Federal Reserve Board joined the OCC in committing to work together on a joint CRA rule.
ICBA Position: ICBA expressed support for the OCC announcement after previously supporting the agency’s May announcement that it would reconsider the rule.