WASHINGTON — The Office of the Comptroller of the Currency on Tuesday halted the implementation of its 2020 rule overhauling the Community Reinvestment Act.
“The OCC has determined that it will reconsider the June 2020 rule,” the agency said in a bulletin. The move was
In the bulletin, the OCC wrote that the decision to suspend compliance deadlines for the regulation “will provide for an orderly reconsideration of the June 2020 rule” as well as “provide the OCC with the opportunity to consider additional stakeholder input, to evaluate issues and questions that have been raised, to reassess the necessary data, and to take additional regulatory action, as appropriate.”
In addition to reconsidering the entire rule, the OCC said it will "not object" to banks ending efforts to comply with the most significant changes that are due to go into effect starting in 2023. The agency also said it will not finalize a proposed rule from December to establish new benchmarks for CRA scoring, and will discontinue an information collection request announced in December.
While the rule has technically been
The rule will not be thrown out entirely, however. The OCC said that it would “continue to implement the provisions of the June 2020 CRA rule that had a
The move marks the end of one of the Trump administration’s