Just more than 40 days after comments closed on the Community Reinvestment Act (CRA) proposed rule, the Office of the Comptroller of the Currency (OCC) finalized the revision to the 1977 standards for determining how banks serve their community needs, particularly in low- and moderate-income communities.
The rule brings clarity to activities which qualify for CRA credit, along with new ways to determine assessment areas.
Read on for more on the OCC’s proposal and reaction from industry and the Federal Deposit Insurance Corp., which joined in the proposal but did not join in the finalized rule.