Regulatory Alerts2024-02-01 | 2023-25797Community Reinvestment Act Final Rule
The Office of the Comptroller of the Currency, Federal Reserve Board, and FDIC have adopted final amendments to their Community Reinvestment Act regulations to modernize how banks qualify, locate, and evaluate community development activities. The rule establishes revised asset-size categories and a tailored seven-test evaluation framework that assigns specific weights to retail lending, services, and community development financing based on institutional size. These updated standards will be fully applicable by January 2026, ensuring consistent CRA ratings and performance assessments across institutions while accommodating mobile banking and strategic plan options.
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