OCC Unilaterally Finalizes Major Overhaul of CRA
The OCC released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act. The final rule is designed to increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access to banking services. The final rule takes effect October 1, 2020. The president of Conference of State Bank Supervisors denounced the OCC's action, calling it a unilateral that should have been agreed upon by all three banking agencies. [5/22/20]