Agencies Released Proposed CRA Amendments

On May 5, 2022, the Board of Governors of the Federal Reserve System (“FR”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) (collectively, the “Agencies”) released a joint notice of proposed rulemaking (“NPRM” or “Proposal”) and requested public comment on their amendments to the regulations that implement the Community Reinvestment Act of 1977 (“CRA”).

If adopted, these amendments would be the first comprehensive revision to the CRA since 1995 and would impact the evaluation of banks of all sizes. As such, banks should ensure that they possess an in-depth understanding of the Proposal.

Comments on the proposed CRA amendments must be received on or before August 5, 2022. For assistance in your institution’s participation in this comment period, please contact Kennedy Sutherland.