OCC Bulletin 2022-4| February 22, 2022

Community Reinvestment Act: Frequently Asked Questions Regarding the Final Rule to Rescind the OCC's June 2020 CRA Rule

To

Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

The Office of the Comptroller of the Currency (OCC) today issued responses to frequently asked questions (FAQ) about the December 2021 final rule1 to rescind the OCC's Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule).2 The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation in 1995, as revised.

This bulletin rescinds OCC Bulletin 2021-50, "Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC's June 2020 CRA Rule."

Note for Community Banks

This bulletin applies to banks,3 including community banks, subject to the CRA.

Highlights

The FAQs provide general information on the implementation of the December 2021 CRA final rule after the effective date of January 1, 2022, and address questions related to

  • the impact of the final rule on CRA bank type.
  • qualifying activities and the qualifying activity confirmation request system.
  • the transition period.
  • examination administration.
  • assessment areas.
  • targeted geographic areas.
  • data reporting.
  • changes to public notices and public files.
  • strategic plans.

Further Information

Please contact Vonda Eanes, Director for CRA and Fair Lending Policy, Compliance Risk Policy at (202) 649-5470.

 

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Links

1 Refer to 86 Fed. Reg. 71328 (December 15, 2021).

2 Refer to 85 Fed. Reg. 34734 (June 5, 2020).

3 "Banks" refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.