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ARTICLE · 10 NOVEMBER 2023

Community Reinvestment Act Final Rule Update

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On October 24, 2023, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize...

United StatesFinance and Banking
J. Carley Butler
J. Carley Butler
Esme Thoman
Esme Thoman
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On October 24, 2023, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The Community Reinvestment Act (CRA) was enacted in 1977 and encourages banks to help meet the credit needs of their communities in which they operate, with a focus on low- and moderate-income communities. The last comprehensive interagency revision to the CRA regulations occurred in 1995.

The final rule adopts a new metrics-based approach to evaluating bank retail lending and community development financing. The final rule includes the following key changes:

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