OCC releases three items intended to assist small bank compliance with new CRA rule

Three required items intended to support the new rule implementing anti-redlining laws (announced in May) were released Thursday by the regulator national banks.

The Office of the Comptroller of the Currency (OCC) said in a bulletin to banks (OCC bulletin 2020-86) that the three items are a compliance guide for small banks, an initial illustrative list of qualifying activities, and a form to request consideration of items to be added to the list of qualifying activities under the new Community Reinvestment Act (CRA) rule.

The agency dubbed the package “Community Reinvestment Act 2020 Rule Small Bank Compliance Guide.”

The small bank compliance guide details final rule compliance dates, activities that qualify for CRA consideration, an “illustrative list of qualifying activities” (also included separately in the package), qualifying activities confirmation process, assessment area delineations, and data collection requirements for small banks.

The list of qualifying activities, the OCC said, is intended to identify activities that would meet the criteria in the rule.” It covers retail and community development loans under a wide variety of topics.

The form is provided to help small banks apply for new items to be considered for the qualifying activities list.

OCC Bulletin 2020-86 – Community Reinvestment Act: Small Bank Compliance Guide