Today, the Office of the Comptroller of the Currency announced it is finalizing the updated CRA Rule.The treatment of municipal securities is unchanged in the updated CRA. Initially the FDIC signed onto the proposal but is not participating in the final rule. The rule will take effect in October although compliance with the regulation will be phased in over a couple of years.
The press release can be viewed here.
*Previous BDA comments can be viewed here.
It is also widely expected the Comptroller of the Currency Joseph Otting will announce this week that he’s stepping down from his position after OCC finalizes the overhaul of the CRA.
The BDA will continue to provide updates as they become available.