OCC issues CRA FAQs

Bank Regulatory Federal Issues OCC CRA

On February 22, the OCC issued Bulletin 2022-4 announcing responses to frequently asked questions (FAQs) regarding the December 2021 final rule rescinding the OCC’s Community Reinvestment Act (CRA) rule issued in June 2020. (The December 2021 final rule was covered by InfoBytes here.) According to the OCC, highlights of the FAQs include providing general information regarding the final rule, and addressing inquires related to, among other things: (i) the impact of the final rule on CRA bank type; (ii) qualifying activities and the qualifying activity confirmation request system; (iii) the transition period; (vi) examination administration; and (v) assessment areas.