The latest on Community Reinvestment Act Reform from The Affordable Housing Tax Credit Coalition:
The Office of the Comptroller of the Currency (OCC) has released its final rule on Community Reinvestment Act (CRA) reform, just six weeks after more than 7,000 comments were submitted to the OCC and Federal Deposit Insurance Corporation (FDIC) on their proposed rule. See the OCC’s press release here.
Compliance with the final rule will be required in 2023 for larger banks and 2024 for smaller banks. However there are still key details, like the evaluation thresholds, which will require further rulemaking before the rule can be implemented. It is also possible that changes in the Administration or Congress could prompt further revisions, or even postponing or repealing the law before it is implemented.
For a detailed overview of the final rule, check out AHTCC’s website.