Letter to banks notifies of changes to anti-redlining rules; notes compliance dates at starts of ’26, ‘27

The “updated, modernized” anti-redlining rule, which will begin taking effect in more than two years, is the topic of a financial institution letter sent to banks Friday.

The letter from the Federal Deposit Insurance Corp. (FDIC) notifies insured banks that the three federal banking agencies (the Federal Reserve, Office of the Comptroller of the Currency [OCC] and the FDIC) adopted the changes to rules implementing the Community Reinvestment Act (CRA) in October.

Most of the rule’s requirements will be applicable beginning Jan. 1, 2026. The remaining requirements, including data reporting requirements, will be applicable on Jan. 1, 2027.

The agencies note that the final rule has four key goals:

  • Encourage banks to expand access to credit, investment, and banking services in low and moderate income (LMI) communities.
  • Help the CRA regulations adapt to changes in the banking industry, including internet and mobile banking.
  • Provide greater clarity and consistency in the application of the CRA regulations.
  • Tailor CRA evaluations and data collection to bank size and type.

FIL-61-2023: Agencies Finalize Rule Updating and Modernizing the Community Reinvestment Act (CRA)