WASHINGTON–A final rule issued by the Office of the Comptroller of the Currency (OCC) seeks to rescind anti-redlining rules adopted in 2020 and replace them with regulations it and other federal agencies issued in 1996.
The OCC said the actions of rescinding and replacing changes to rules implementing the Community Reinvestment Act (CRA) were intended to “facilitate the ongoing interagency work to modernize the CRA regulatory framework and promote consistency for all insured depository institutions.”
“Throughout all of the agencies’ (OCC, Federal Reserve, and Federal Deposit Insurance Corp. [FDIC]) CRA modernization efforts, stakeholders have repeatedly stressed the importance of the agencies issuing a single set of CRA rules applicable to all IDIs (insured depository institutions),” the OCC stated in issuing its final rule. “This final rule is an important step in this interagency process because it reestablishes generally uniform rules that apply to all IDIs. Thus, it better positions the agencies to identify joint solutions to the common issues affecting IDIs and the communities they serve.”
The final rule takes effect Jan. 1 for national banks and both federal and state savings associations, the OCC said.
The 2020 OCC rule was finalized under then-Comptroller Joseph P. Otting.