OCC Goes Its Own Way on New Community Reinvestment Act Regulations

On May 20, 2020, the Office of the US Comptroller of the Currency announced its final rule overhauling the Community Reinvestment Act regulations. The CRA requires insured depository institutions to participate in investment, lending, and service activities that help meet the credit needs of their assessment areas, particularly low- and moderate-income  communities and small businesses and farms. The last major revisions to the CRA regulations were made in 1995. This Legal Update summarizes the changes to the final rules and the implications for national banks and federal savings associations subject to the final rule.

Read more in Mayer Brown’s Legal Update.