Author: W. Brad Washburn, CRCM, CAMS
On March 21, 2024, the joint federal agencies issued an interim final rule and final rule related to the 2023 CRA final rule issued on October 24, 2023. Effective April 1, 2024, the interim final rule extends the applicability date of certain provisions and the final rule issued technical, non–substantive amendments to the final rule.
The interim final rule extends the applicability date of the facility–based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to their assessment areas or their public files because of the 2023 CRA final rule until January 1, 2026. This extension aligns these provisions with other substantive parts of the 2023 CRA final rule that are applicable on January 1, 2026. As a result, all provisions about where banks are evaluated will now apply on the same date.
In addition, the final rule issued technical, non–substantive amendments to the 2023 CRA final rule and related agency regulations that reference it. For example, one of these technical amendments clarifies that banks do not need to make changes to their public notices until January 1, 2026.
The entire interim final rule and technical amendments can be viewed here:
pr24018a.pdf (fdic.gov)
On March 21, 2024, the joint federal agencies issued an interim final rule and final rule related to the 2023 CRA final rule issued on October 24, 2023. Effective April 1, 2024, the interim final rule extends the applicability date of certain provisions and the final rule issued technical, non–substantive amendments to the final rule.
The interim final rule extends the applicability date of the facility–based assessment areas and public file provisions from April 1, 2024, to January 1, 2026. Therefore, banks will not have to make changes to their assessment areas or their public files because of the 2023 CRA final rule until January 1, 2026. This extension aligns these provisions with other substantive parts of the 2023 CRA final rule that are applicable on January 1, 2026. As a result, all provisions about where banks are evaluated will now apply on the same date.
In addition, the final rule issued technical, non–substantive amendments to the 2023 CRA final rule and related agency regulations that reference it. For example, one of these technical amendments clarifies that banks do not need to make changes to their public notices until January 1, 2026.
The entire interim final rule and technical amendments can be viewed here:
pr24018a.pdf (fdic.gov)
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