Archive

With April being Financial Literacy Month, it is a great time to step back and reflect on the role financial institutions play in supporting their communities. Whether a bank or credit union, we have a responsibility to empower customers and community members with the knowledge and skills needed to manage their finances effectively. Through educational tools, promoting savings and offering tailored financial products, financial institutions can help improve credit scores, reduce financial risk and foster […]

Yesterday, the Prudential Banking Agencies jointly issued a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace it with the prior CRA regulations that were originally adopted by the agencies in 1995. They indicated in the 227 page proposal that “technical amendments” were included.   If adopted, the proposal would restore the 1995 CRA framework for all Banks, nullify pending litigation, and limit the regulatory burden the industry identified in […]

Earlier this week, a federal judge in Texas granted a preliminary injunction against banking regulators enforcing the new CRA (Community Reinvestment Act) rules. The lawsuit (brought by the American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce) was originally filed on February 29th of this year and can be found here. In it, they […]

On March 21, 2024, the FDIC, FED, and OCC jointly issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies also requested comments on the extension. The agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to […]

Last week, the Federal Reserve, FDIC, and Office of the Comptroller of the Currency (OCC) released the final rule for CRA Modernization. We are working hard behind the scenes to digest the nearly 1,500-page document, but while we’re working through that, here are a few highlights and elements of the law you should keep in mind as you begin to make a plan for compliance. Highlights of CRA Modernization CRA Modernization’s final ruling includes several […]