An official website of the United States government
OCC Bulletin 2022-14
May 5, 2022
Share This Page:
Chief Executive Officers of National Banks, Federal Savings Associations, and Federal Branches; Department and Division Heads; All Examining Personnel; and Other Interested Parties
On May 5, 2022, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) issued a joint notice of proposed rulemaking to strengthen and modernize the Community Reinvestment Act (CRA) regulatory framework. The proposed rule is intended to: update CRA regulations to strengthen the achievement of the statute's purpose; adapt to changes in the banking industry, including the expanded role of mobile and online banking; provide greater clarity and consistency in the application of the regulations; tailor performance standards to account for differences in bank size and business models and local conditions; tailor data collection and reporting requirements and use existing data whenever possible; promote transparency and public engagement; confirm that CRA and fair lending responsibilities are mutually reinforcing; and create a consistent regulatory approach that applies to banks regulated by all three agencies.
The OCC encourages stakeholders to review the proposed rule and provide comments on or before the close of the comment period on August 5, 2022.
This bulletin applies to all banks1 subject to the CRA.
The proposed rule would, if finalized,
On July 20, 2021, the OCC announced that it would propose to rescind its CRA rule published in June 2020 and work with the Federal Reserve Board and FDIC to put forward a joint rulemaking that strengthens and modernizes the CRA. On December 14, 2021, the OCC issued a final rule that rescinded the June 2020 rule and replaced it with a rule based largely on the agencies' 1995 CRA rules (as amended). This action realigned the OCC's CRA rule with those of the Federal Reserve Board and FDIC. The interagency proposed rule would, if finalized, replace the current CRA rules in effect for all agencies.
Please contact Heidi Thomas, Special Counsel, Chief Counsel's Office, at (202) 649-5490; or Vonda Eanes, Director for CRA and Fair Lending Policy, or Karen Bellesi, Director for Community Development, Bank Supervision Policy, at (202) 649-5470.
Further information about the notice of proposed rulemaking, including information about an agency webinar on the proposed rule, is available at Community Reinvestment Act (CRA) | OCC.
Benjamin W. McDonough
Senior Deputy Comptroller and Chief Counsel
1 "Banks" refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.
2 Refer to 12 CFR 25 and 86 Fed. Reg. 71328 (Dec. 15, 2021).