On 7/20/2021, the OCC announced it plans to propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020. This rule, which applied only to OCC-regulated institutions, was not released in coordination with the other Federal Regulators and, essentially, would have created different CRA rules for financial institutions, based on each bank’s primary regulator.

In their release, the OCC explained that, going forward, they are committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens and modernizes the CRA.

The OCC release 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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