OCC Issues FAQs Re: Rescission of June 2020 Community Reinvestment Act Rule

The OCC recently issued Frequently Asked Questions (FAQs) related to the OCC’s final rule issued on December 14, 2021 (December 2021 CRA Rule) that became effective January 1, 2022, which rescinds and replaces the Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA Rule). See WBK’s article on the December 2021 CRA Rule here. The FAQs provide information about potential CRA questions during the transition from the June 2020 CRA rule to the December 2021 CRA rule.

The FAQs cover several topics, including Bank Type, Qualifying Activities, Qualifying Activity Confirmation Request System, Transition Period, Examination Administration, Assessment Area, Activity Location and Allocation, Targeted Geographic Areas, Data Reporting, Public Notices and Public Files, and Strategic Plans.