On May 20, 2020, the Office of the US Comptroller of the Currency announced its final rule overhauling the Community Reinvestment Act regulations. The CRA requires insured depository institutions to participate in investment, lending, and service activities that help meet the credit needs of their assessment areas, particularly low- and moderate-income communities and small businesses
CRA
FDIC and OCC Propose Modernization of Community Reinvestment Act Regulations
Posted in Fair Lending, Small Business Lending
On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) together proposed extensive updates to their rules implementing the Community Reinvestment Act (“CRA”). The CRA requires insured depository institutions to participate in investment, lending, and service activities that help meet the credit needs of their…