Categories: Federal
05.20.2020
On May 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a final rule to change the regulations implementing the Community Reinvestment Act (CRA), notably without support from the Federal Deposit Insurance Corporation (FDIC) or Federal Reserve.
The FDIC had previously joined the OCC in the rule-making effort, but it did not join in the final rule. The final rule provides greater flexibility for CRA credit worthy activities – which, affordable housing advocates worry, will diminish meaningful investments in low and moderate income communities.
You can find the final rule and list of qualifying activities here.