The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and finalized June 2020. The agency stated it was committed to working with the Federal Reserve Board and the Federal Deposit Insurance Corp. to issue a joint rulemaking to “strengthen and modernize” the CRA.
The decision followed a review initiated by acting Comptroller of the Currency Michael Hsu shortly after he took office.
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