OCC Issues Notice of Proposed Rulemaking to Rescind 2020 CRA Regulations
The Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking today to rescind the Community Reinvestment Act (CRA) rule that the OCC issued in 2020 and replace it with the rules it replaced. The action would return the OCC CRA regulations to those adopted in 1995 and amended. The proposed rule would apply to all national banks and all federal and state savings associations. Comments on the proposed rule are accepted on or before Oct. 29.
The effect of the CRA on affordable housing investment will be among the many topics discussed at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference Sept. 30-Oct. 1 in Nashville.