Federal Reserve, FDIC and OCC to Develop Joint Community Reinvestment Act Rule
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have jointly announced that they will work together to modernize the regulations that implement the Community Reinvestment Act (CRA).
The CRA requires the federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.
As part of this joint effort, the OCC has announced that it is rescinding its CRA rule issued in May 2020 and working with the Federal Reserve and FDIC on an orderly transition to a new rule.
The next step is for the three agencies to develop a joint Notice of Proposed Rulemaking.
“Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods,” the three banking regulators said in a joint statement.
Latest from NAHBNow
Sustainability and Green Building
May 12, 2026
3 Reasons to Build to the National Green Building StandardThe new edition of the National Green Building Standard focuses on building for the future by addressing these real-world challenges through sustainable building practices. Here are three benefits to building your next residential project to the NGBS.
Economics
May 11, 2026
U.S. Economy Adds 115,000 Jobs in AprilThe U.S. labor market continued to show resilience in April, with job growth persisting despite elevated interest rates and rising geopolitical uncertainty related to the Iran conflict. The unemployment rate held steady at 4.3%.
Latest Economic News
Economics
May 12, 2026
Inflation Outpaced Wage Growth in AprilInflation accelerated to a nearly three-year high in April, driven by continued increases in energy costs from the Iran war. Energy costs drove more than 40% of the monthly increase, with national gasoline prices soaring above $4.50 in early May for the first time since July 2022.
Economics
May 12, 2026
Consumer Credit Accelerated in Q1 2026In the first quarter of 2026, consumer credit grew at a slightly faster pace than in years prior amid positive yet sluggish economic growth and rising inflation pressure. According to the Federal Reserve’s G.19 Consumer Credit Report, total outstanding U.S. consumer credit reached $5.14 trillion in the first quarter of 2026.
Economics
May 11, 2026
Existing Home Sales Edged Up Slightly in AprilExisting home sales edged up in April after reaching a nine-month low in March, but sales remained at historically low levels. Elevated mortgage rates and reignited inflation driven by the Iran war continued to weigh on affordability as economic uncertainty pushed up long-term rates, while rising energy costs strained household budgets.