On December 14, 2021, the OCC announced that is has rescinded its June 2020 CRA rule. The OCC is requiring institutions to revert to the rule adopted jointly by the Federal banking agencies in 1995, as amended. This is effective January 1, 2022 and is intended to promote consistency for all national banks, federal banks, and state savings associations (including community banks) covered by the CRA. The final rule states:
- The OCC will provide newly designated large banks (banks that were small banks before the June 2020 CRA rule but are large banks under the final rule) with one year to comply with the final rule’s data collection, record-keeping, and reporting requirements;
- With respect to the qualifying activities criteria or retail or community development definitions, banks will receive consideration in their CRA examinations for activities in effect at the time the banks conducted the activities or entered into legally binding commitments to conduct the activities, including under the June 2020 rule;
- Bank strategic plans approved before January 1, 2022, remain in effect except for any provisions that are inconsistent with the final rule; and
- Banks are not required to comply with the final rule’s public file and public notice provisions until April 1, 2022.