On Mar. 21, FDIC issued interim rule extending CRA rule applicability.
FDIC, Fed, OCC issued interim final rule to extend the applicability date of certain provisions of Community reinvestment act (CRA) final rule issued Oct. 2023, #189130.
The Oct. 2023 final rule modernized CRA regulations to better achieve law's purpose.
This interim rule extends applicability date of facility–based assessment areas, public file provisions from Apr. 1, 2024 to Jan. 1, 2026, and seeks comment on extension.
Agencies also issued technical, non-substantive amendments to the CRA final rule.
2023 final rule requires a bank delineate facility-based assessment areas within which Agencies evaluate its record of helping meet the credit needs of its entire community.
Also requires a bank to maintain a paper or digital public file that includes specific information re bank’s branches, services, performance in helping meet credit needs.
This interim rule extends applicability of facility-based assessment areas provision and the content and availability of public file provision from Apr. 1, 2024, to Jan. 1, 2026.
Extension make the provisions applicable concurrent with the definition of key terms.
Aligns the two provisions with other substantive parts of the 2023 final rule that are applicable on Jan. 1, 2026, reduces uncertainty, ensures consistency of requirements.
Technical Amendments
Correct and clarify the Jan. 1, 2026 applicability date of the public notice provisions.
Reflect recent inflation adjustments to the CRA asset-size thresholds in appendix G.
Correct errors in amendatory instructions; and update certain cross-references.
Effectiveness
The interim final rule and the technical amendments are effective on Apr. 1, 2024.
Bank facility–based assessment areas, public file provisions apply as of Jan. 1, 2026.
Comments on applicability dates are due 45 days from publication in federal register.
Mar. 29, 2024 Fed Reg Publication
On Mar. 29, 2024, Agencies published interim final rule, technical amendments and correction in federal register; interim final rule, amendments effective on Apr. 1, 2024.
Comments on the interim final rule regarding applicability dates due by May 13, 2024.
