Regulators push applicability date for facility-based CRA assessment areas to 2026

The three federal banking agencies late Thursday issued a supplemental rule that postpones from April 24, 2024, to Jan. 1, 2026, the applicability date for Community Reinvestment Act (CRA) requirements on facility-based assessment areas and public file provisions issued last October as part of the agencies’ final CRA rule.

In a joint release, the Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), and Office of the Comptroller of the Currency (OCC) said this supplemental rule, which takes effect April 1, aligns the applicability date of the facility-based assessment areas with that of other substantive parts of the 2023 CRA final rule. “For example, all provisions about where banks are evaluated will now apply on the same date,” they said.

Banks will not have to make changes to their assessment areas or their public files under the 2023 CRA final rule until Jan. 1, 2026, they said.

Public comments on the applicability date change will be due 45 days following publication in the Federal Register, they said.

Thursday’s supplemental rule also included “technical, non-substantive” amendments to the CRA final rule and related agency regulations that reference it, the agencies said. “For example, one of these technical amendments clarifies that banks do not need to make changes to their public notices until January 1, 2026.”

Agencies extend applicability date of certain provisions of their Community Reinvestment Act final rule