Regulatory agencies state intent to rescind 2023 CRA rule

The federal bank regulatory agencies today announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule.

As of now, this is NOT official, but just stated as the INTENT to EVENTUALLY do so.

The OBA will continue monitoring this important situation.