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.
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Compliance Deadlines for New CRA Regulations
- 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.
- 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.
- 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, record keeping, and reporting requirements.
- Applies to wholesale, limited purpose and general performance banks under the OCC.
- 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.
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As a content and marketing strategist for Social Assurance, Alexander Lahargoue focuses on creating content to help clients grow and sell online.