Key Deadlines for OCC CRA Compliance - Social Assurance
 
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Key Deadlines for OCC CRA Compliance

Category: Blog Standard
Published: July 17, 2020

Deadlines for complying with the new OCC CRA regulations are coming. The Office of Comptroller of the Currency (OCC) has released its final rule and its sister agencies are expected to follow suit soon. Now is the time to prepare your financial brand for the new regulations if you fall under OCC regulation. From assessment areas to recording and reporting requirements, here are a few key deadlines to keep in mind.

Don’t forget to read our additional CRA modernization resources, including our overview of the upcoming changes and how you can leverage service activities to your advantage.

Community Spark provides your financial brand the tools to engage, track and share your community impact. In addition to helping you determine CRA eligibility for different qualify activities, this product helps you to inspire employees to volunteer, strengthen relationships with nonprofits, better support local developments, and communicate your impact. To learn more about how Community Spark can help, visit our website.

Compliance Deadlines for New CRA Regulations

March 2020

  • The Office of the Comptroller of the Currency, in an effort to modernize the Community Reinvestment Act, releases the agency’s new regulation.
  • The final rule will increase qualifying CRA-related activities in an effort to help better meet the need for access to credit, more responsible lending, and greater access to banking services.
  • Comments and the final rule are available online.

October 2020

  • The final rule will go into effect on October 1, 2020.
  • Banks must comply with the final amendments by the compliance deadlines, as outlined in the new regulations.
  • The variance in dates will provide financial brands sufficient time to adjust and comply with the new CRA requirements.

January 2023

  • Compliance deadline for the following: qualifying activities quantification, qualifying activities value, assessment area delineation, performance standards, in general, CRA evaluation measure, retail lending distribution tests, general performance standards and ratings, data collection, recordkeeping, and reporting requirements.
  • Applies to wholesale, limited purpose and general performance banks under the OCC.

January 2024

  • Compliance deadline for small and intermediate banks.
  • Banks subject to these standards must comply with the following sections: assessment area delineation, CRA activities performance standards, retail domestic deposit data collection as evaluated under performance standards, and applicable recording and data collection requirements.

Learn how Social Assurance's Community Spark platform helps financial brands connect with their communities.

Author:
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Alexander Lahargoue

As a content and marketing specialist for Social Assurance, Alexander Lahargoue focuses on creating strategic content to help clients grow and sell online. In his free time, he writes suspense novels, cooks and is learning new languages.

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