Agencies Issue Joint Proposal to Rescind 2023 Community Reinvestment Act Final Rule

Agencies Issue Joint Proposal to Rescind 2023 Community Reinvestment Act Final Rule
Federal bank regulatory agencies issued a joint proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace it with the prior CRA regulations that were originally adopted by the agencies in 1995, with certain technical amendments. If adopted, the proposal would restore certainty in the CRA framework for stakeholders in light of pending litigation and limit regulatory burden on banks, while ensuring that banks continue to serve their communities.