Regulatory Alerts2024-02-01 | 2023-25797Community Reinvestment Act Final Rule
The OCC, Federal Reserve, and FDIC adopted final amendments to their Community Reinvestment Act regulations to update how bank CRA activities are qualified, considered, and evaluated. The rule establishes a revised framework based on bank asset size, introducing specific performance tests such as the Retail Lending Test and Community Development Financing Test with tailored metrics and weighting. These changes aim to strengthen the statute's core purpose, adapt to modern banking practices like mobile lending, and provide greater consistency in assessing banks' records of meeting community credit needs.
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