CRA Modernization Final Rule

Earlier today, The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, and the Federal Deposit Insurance Corporation (FDIC), issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA).

The CRA is designed to ensure federally insured banks meet the credit needs of the communities in which they do business, especially low- and moderate-income (LMI) communities.  The press release announcing the CRA Modernization’s final rule emphasizes that these updates to CRA are designed to “better achieve the purposes of the law” and goes on to outline the following objectives:

  • Encourage banks to expand Access to credit, investment, and banking in LMI Communities.
  • Adapt to changes in the banking industry, including internet and mobile banking.
  • Provide greater clarity and consistency in the application of CRA regulations.
  • Tailor CRA evaluations and data collection to bank size and type.

The joint statement also notes that “most of the rule’s requirements will be applicable beginning January 1, 2026. The remaining requirements, including the data reporting requirements, will be applicable on January 1, 2027.”

Our team at COMPLIANCE RESOURCE is jumping headfirst into reading and understanding the new 1,500-page final rule.  As always, we will keep you informed with updates on the requirements and insight into the impact on your financial institution.

In the meantime, don’t hesitate to reach out to us with questions about CRA Modernization at