On 7/20/2021, the FDIC, OCC, and Federal Reserve jointly issued a statement to explain that all three agencies “are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low– and moderate-income neighborhoods.”

This statement was released in conjunction with the OCC’s announcement that they plan to rescind their May 2020 CRA rule and, instead, work with both the FDIC and Federal Reserve to issue a joint CRA rule in the future.

The FDIC’s version of the joint interagency statement can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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