On December 12, 2019 the OCC, Treasury, and FDIC (agencies) issued joint notice of proposed rulemaking to modernize Community Reinvestment Act (CRA) regulations. The agencies have proposed to clarify which activities qualify for CRA credit, update where activities count for CRA credit, create a more transparent and objective method for measuring CRA performance, and provide for more transparent, consistent, and timely CRA-related data collection, recordkeeping, and reporting. Comments on the proposal will be due 60 days after publication in the Federal Register.

The proposal can be found here.

More takeaways from the proposal may be viewed in American Banker.