Agencies Extend Applicability Date of Certain CRA Rule Provisions

Posted: Mar 27 2024

The Federal Reserve, FDIC and OCC have jointly issued an interim final rule that extends the applicability date of certain provisions in the Community Reinvestment Act rule that was issued in October 2023. Specifically, the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to Jan. 1, 2026. As a result, banks will not have to make changes to their assessment areas or their public files under the CRA rule until Jan. 1, 2026.
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The agencies also issued what they said are technical, nonsubstantive amendments to the CRA final rule and related agency regulations that reference it. For example, one amendment clarifies that banks do not need to make changes to their public notices until Jan. 1, 2026.

To read more, visit: https://www.fdic.gov/news/press-releases/2024/pr24018a.pdf