OCC Issues Community Reinvestment Act: Small Bank Compliance Guide

On June 5, the Office of the Comptroller of the Currency (OCC) announced the issuance of a compliance guide for small banks to support implementation of its new Community Reinvestment Act (CRA) rule. The compliance guide summarizes the final rule, including: (1) compliance dates; (2) the types of activities that qualify for CRA consideration; (3) the process for confirming CRA qualifying activities; (4) assessment area delineations; and (5) data collection requirements for small banks. Along with the compliance guide, the OCC also issued an initial illustrative list of qualifying activities and a form to request consideration of items to be added to the list of qualifying activities.