The Office of the Comptroller of the Currency (OCC) issued a final rule rescinding the June 2020 Community Reinvestment Act (CRA).
The OCC announced in May 2021 it was going to reconsider the rule that was meant to modernize the agency’s regulation. Both the Consumer Bankers Association and the Independent Community Bankers of America supported this decision, encouraging an interagency approach to updating the CRA.
Read on for more details.