OCC Proposes Rule Regarding CRA General Performance Standards

On November 24, in a notice of proposed rulemaking, the OCC invited comment on the approach it would use to determine the CRA evaluation measure benchmarks, retail lending distribution test thresholds and community development minimums under the general performance standards established by the final rule published earlier this year, as covered in a previous edition of the Roundup. In the proposed rule, the OCC stated that it intends to issue an information collection survey to obtain bank-specific information from institutions subject to the general performance standards and will use this information to help calculate CRA evaluation measures and community development minimum calculations for each bank’s assessment areas, as well as a bank-level CRA evaluation measure and community development minimum calculations for each bank, among other things. The proposal also explains how the OCC would assess significant declines in CRA activities levels in connection with performance context following the initial establishment of the benchmarks, minimums and thresholds. Finally, the proposed rule would make clarifying and technical amendments to the 2020 final rule. Comments will be accepted for 60 days following publication in the Federal Register.