On October 26, the Office of the Comptroller of the Currency (OCC) took the unusual step of issuing frequently asked questions (Bulletin 2021-50) about a notice of proposed rulemaking (NPRM) soliciting comments on the proposal to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020. The NPRM, which was published in the Federal Register on September 17, 2021, proposes that the June 2020 CRA rule largely be replaced with the rules adopted jointly by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in 1995, as revised.
The 24 FAQs provide information on the rulemaking process and the OCC’s consideration of potential CRA transition issues, including the impact based on CRA bank type, qualifying activities and the qualifying activity confirmation request system, the transition period, examination administration, assessment areas, targeted geographic areas, strategic plans, and public comments.