FAQs look at request for comments on proposal to rescind 2020 CRA rule re-write

Got questions about the national bank regulator’s request for comments about its proposal to rescind 2020 anti-redlining rules? The regulator has some answers – to frequently asked questions (FAQs) it has received, the agency said Tuesday.

The Office of the Comptroller of the Currency (OCC) said the FAQs address the Sept. 17, 2021, notice in the Federal Register which proposes that the June 2020 rule implementing the anti-redlining Community Reinvestment Act (CRA) largely be replaced with 1995 rules (as revised) adopted jointly by the OCC with the Federal Reserve and Federal Deposit Insurance Corp. (FDIC).

The FAQs, the OCC said, provide information about the rulemaking process and the agency’s “consideration of potential CRA transition rules.”

More specifically, the agency said, the FAQs address: the impact of the proposed rule on CRA bank type; qualifying activities and the qualifying activity confirmation request system; the transition period; examination administration; assessment areas; targeted geographic areas; strategic plans; and public comments.

Community Reinvestment Act: Frequently Asked Questions Regarding Notice of Proposed Rulemaking to Rescind the OCC’s June 2020 CRA Rule