On July 20, 2021, the Federal Reserve Board (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly announced the agencies are committed to working together to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA).
The OCC separately announced it will propose rescinding the CRA final rule issued in May 2020 and is committed to working with the Board and the FDIC to put forward a joint rulemaking that strengthens and modernizes the CRA.
Now after three years of misfires, the agencies are finally lined to complete real CRA reform. There is no expectation of quick results, there is a chance the effort may get completed.