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News Release 2023-117
October 24, 2023
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Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Federal bank regulatory agencies today jointly issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their entire communities, especially in low- and moderate-income (LMI) neighborhoods, in a safe and sound manner.
Building on feedback from commenters on the proposed rule and research, the final rule updates the CRA regulations to achieve the following key goals:
Most of the rule’s requirements will be applicable beginning January 1, 2026. The remaining requirements, including the data reporting requirements, will be applicable on January 1, 2027.
Federal Reserve BoardLaura Benedict(202) 452-2955
FDICBrian Sullivan(202) 412-1436
OCCCarrie Moore (202) 649-6870