OCC, Federal Reserve and FDIC Issue Joint Rulemaking on the Community Reinvestment Act

On June 3, 2022, the OCC, Federal Reserve, and the FDIC (agencies) published a notice of proposed rulemaking seeking comment on changes to update and clarify the regulations to implement the Community Reinvestment Act (CRA). The CRA encourages banks to help meet the credit needs of the local communities in which they are chartered, consistent with a bank’s safe and sound operations, by requiring the Federal banking regulatory agencies to examine banks’ records of meeting the credit needs of their entire community, including low- and moderate-income neighborhoods.

The proposed rule has several goals:

  • To update the CRA regulations to strengthen the achievement of the core purpose of the statute.
  • To adapt to changes in the banking industry, including the expanded role of mobile and online banking; provide greater clarity and consistency in the application of the regulations.
  • To tailor performance standards to account for differences in bank size and business models and local conditions.
  • To tailor data collection and reporting requirements and use existing data whenever possible.
  • To promote transparency and public engagement.
  • To confirm that CRA and fair lending responsibilities are mutually reinforcing.
  • To create a consistent regulatory approach that applies to banks regulated by all three agencies.

Comments are due on August 5, 2022

Read the notice on Regulations.gov. Comments should be directed to:

OCC: Commenters are encouraged to submit comments through the Federal eRulemaking Portal (go to https://regulations.gov/ and search for Enter “Docket ID OCC-2022-0002” and follow instructions) but may also do so by mail ( send comments to Chief Counsel’s Office, Attention: Comment Processing, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219) or by hand delivery to 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

Federal Reserve Board: Submit comments, identified by Docket No. R-1769 and RIN 7100-AG29, through the agency website at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm, or via email (regs.comments@federalreserve.gov – include docket and RIN numbers in the subject line of the message), via fax to (202) 452-3819 or (202) 452-3102, or by mail to Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.

FDIC: You may submit comments, identified by RIN 3064-AF81:

Comments may also be hand delivered to the guard station at the rear of the 550 17th Street NW building (located on F Street NW) on business days between 7:00 a.m. and 5:00 p.m.

Advocacy contact: Send an email to Jennifer A. Smith at Jennifer.Smith@sba.gov.