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OCC Releases CRA Compliance Resources

OCC Releases CRA Compliance Resources

Posted: Oct 08 2020
With the OCC’s revised Community Reinvestment Act rules going into effect, the agency released a series of compliance resources for national banks and federal savings associations.  The resources include a small bank compliance guide, an initial illustrative list of qualifying CRA activities and a form that banks and stakeholders can use to request the addition of an item to the list of qualifying activities.

The small bank guide addresses the various compliance dates for the regulations as well as qualifying activities, the CRA’s illustrative list and process for adding to it, assessment area delineations and data collection requirements.  The materials do not yet provide guidance on the benchmarks to assess CRA performance and the OCC has indicated that they will not be examining for CRA performance under the new benchmarks until 2023 for larger institutions and 2024 for smaller banks.

To view the resources, visit: https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-86.html

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