The Community Reinvestment Act (CRA) is a federal law aimed at encouraging banks to address the credit needs of their communities, particularly in low- and moderate-income neighborhoods. On October 24, 2023, three federal agencies—the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC)—released their CRA Final Rule. This rule results from a coordinated interagency effort and modifies how banks are evaluated for CRA compliance. The new regulations will come into effect on April 1, 2024.
An analysis of how this Final Rule applies to military banks, those on military installations, and institutions serving military and veteran communities is available. For further inquiries, individuals can reach out to Steve Lepper at Steven.Lepper@AMBAHQ.org.