A new set of frequently asked questions (FAQs), with answers, addressing transitional issues related to last year’s rescission of a 2020 final Community Reinvestment Act (CRA) rule was issued Tuesday by the Office of the Comptroller of the Currency (OCC).
The FAQs, announced in and included as an attachment to OCC Bulletin 2022-4, replace the FAQs issued last year (with Bulletin 2021-50) when the rescission was still in the proposed stage. The rescission took effect this Jan. 1 and replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly in 1995 by the OCC, the Federal Reserve Board, and the Federal Deposit Insurance Corp. (FDIC).
The OCC said the new FAQs 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.