Agencies Issue Joint Proposal Amending the Community Reinvestment Act Rules

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) today proposed targeted changes to their current rules implementing the Community Reinvestment Act (CRA) to better align with the statutory mandate; better ensure that community development grants reach the communities they are intended to benefit; reduce burden for banks, particularly for community banks; and provide greater clarity for how to obtain CRA consideration. The CRA requires the agencies to assess a bank’s record of meeting the credit needs of its entire community, including l