On 2/22/2022, the OCC issued answers to frequently asked questions (FAQ) about the December 2021 final rule to rescind the OCC's Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule). The December 2021 CRA final rule, which became effective on January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the FRB, and the FDIC in 1995, as revised.
The FAQs provide general information on the implementation of the December 2021 CRA final rule and address questions related to:
the impact of the final rule on CRA bank type;
qualifying activities and the qualifying activity confirmation request system;
the transition period;
examination administration;
assessment areas;
targeted geographic areas;
data reporting;
changes to public notices and public files; and
strategic plans.
The new FAQ rescinds OCC Bulletin 2021-50, "Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC's June 2020 CRA Rule."
Read the full bulletin here.