The Community Reinvestment Act was enacted in 1977 with a worthy goal of encouraging banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods.
To accomplish this objective, CRA requires banking regulators to assess banks’ record of helping to meet the credit needs of the communities in which they are chartered. Regulators must also consider an institution’s CRA record when evaluating certain corporate applications. In 2022, banks provided more than $227 billion in capital to low- and moderate-income (LMI) communities in the form of mortgages and small business loans, and an additional $151 billion in community development loans.
In October 2023, the federal banking agencies adopted major changes to the rules implementing CRA. Some aspects of the new rule—particularly as it relates to clarifications regarding activities that count for CRA credit— are long overdue. However, other aspects of the new rule exceed the agencies’ statutory authority or are overly complex. In some instances, regulators did not articulate a rationale for their policy choices.
A limited number of the rule’s provisions will become effective in 2024, but the majority of requirements will be effective in 2026. Banks must report data under the rule in 2027. Regulators will issue additional implementation guidance in the months ahead.
April 18, 2024
March 15, 2022
December 19, 2019
August 16, 2018
October 1, 2023
October 1, 2023
February 22, 2022
December 21, 2021
May 18, 2021
March 8, 2021
June 19, 2019
September 6, 2018
June 15, 2018
December 22, 2017
July 25, 2016
November 15, 2013
January 6, 2009
November 4, 2006
March 10, 2006
June 3, 2004
December 17, 2003
July 12, 2001
December 15, 1994
Policy Library
May 7, 2024
April 18, 2024
March 29, 2024
December 19, 2023
News
April 15, 2024
March 30, 2024
March 27, 2024
March 22, 2024
Recorded Webinar | January 24, 2024
Recorded Webinar | November 29, 2023
Recorded Webinar | November 3, 2023
Recorded Webinar | November 2, 2023
January 13, 2021
December 14, 2020
A weekly information resource with ABA news, analysis and resources, specifically selected to meet readers’ unique content needs. (Bank members only)
Learn about new regulatory initiatives, share common compliance concerns, and seek input from peers on compliance challenges.
The ABA Compliance Network is a members only online forum facilitating discussion of compliance topics and providing opportunity for professional interaction.