Three federal banking regulators announced their intent to issue a proposal that would rescind the Community Reinvestment Act (CRA) final rule issued in October 2023.

Friday’s announcement involves the Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC). The agencies plan to reinstate the CRA framework that existed before October 2023.

“The agencies will continue to work together to promote a consistent regulatory approach on their implementation of the CRA,” the agencies wrote.

The October 2023 final rule was the first major revision to the 1977 anti-redlining law details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com