Comments due on OCC proposal to rescind its 2020 CRA Rule

The OCC has announced publication of Bulletin 2021-41 with a notice soliciting comments on proposed rules that would rescind the OCC's Community Reinvestment Act (CRA) rule issued in 2020 and replace it with rules adopted jointly by the Federal banking agencies in 1995, as amended. This action facilitates the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.

The proposed rules would apply to all national banks and all federal and state savings associations. Comments must be received on or before October 29, 2021.