The three major federal bank regulatory agencies today issued a joint notice of proposed rulemaking to strengthen and modernize Community Reinvestment Act (CRA) regulations. The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Fed) and Federal Deposit Insurance Corporation (FDIC) jointly issued the proposal, which would be the first significant interagency revision to the CRA since 1995. The proposal would adopt a metrics-based approach to CRA evaluation of retail lending and community development financing that includes public benchmarks. The rule would also clarify eligible CRA activities that are focused on low- and moderate-income, rural and underserved communities, including affordable housing. The OCC issued a proposed update to CRA regulations in June 2020, but rescinded that rule in December 2021 with a view to issuing a joint rule.

The effect of the proposed rule will be featured at the Novogradac 2022 Spring New Markets Tax Credit Conference, June 9-10 in Washington, D.C.