The Office of the Comptroller of the Currency (OCC) announced it is reconsidering a final rule passed in June 2020, which was meant to modernize the agency’s regulations under the Community Reinvestment Act (CRA).
During this reconsideration, the OCC said it will not object to suspension of the development of systems for, or other implementation of, provisions with a compliance date of Jan. 1, 2023 or Jan. 1, 2024, under the CRA Rule.
For more effects of this ruling, read on.