The Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) proposed amendments to their Community Reinvestment Act (CRA) rules to align with statutory mandates, ensure community development grants benefit target areas, and reduce burdens on banks. The changes aim to focus CRA evaluations on lending activities, exclude deposit services, and streamline requirements for banks with $10 billion or less in assets, which would no longer face data collection and reporting obligations. The proposed rules retain core elements from 1995 but include technical adjustments. Comments are due 60 days after publication in the Federal Register. The 2023 final rules faced a court injunction, prompting this revised proposal.
Made by AI. If you spot anything of concern write us at contact@cybach.com. We’ll promptly correct irregularities.