Proposed Rulemaking on CRA Modernization Released

On August 28, the Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rule-making on modernizing the Community Reinvestment Act (CRA). The OCC seeks comments on ways to modernize CRA regulations.Included are questions about increasing lending and services in areas that need it the most, clarifying and expanding the types of activities eligible for CRA consideration, revisiting how assessment areas are defined and used, establishing metric-based thresholds for CRA ratings and more. Revisions to CRA regulations could affect equity pricing and demand for LIHC credits and new markets tax credits. Comments will be accepted for 75 days after the notice is published in the Federal Register.

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