Federal Banking Regulators’ May 5, 2022, Joint Notice of Proposed Rulemaking on the Community Reinvestment Act
On May 5, 2022, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint notice of proposed rulemaking amending the agencies’ Community Reinvestment Act (CRA) regulations. The proposal includes a new framework and updated metrics for measuring large banks’ CRA compliance and an expansion of banks’ CRA assessment areas to include areas where they do not have a physical location but are still active. It also seeks to define more clearly what community development activities are eligible for CRA credit, including what activities would count as supporting affordable housing.
