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Effective Date

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Question: 
What is the effective date of the final rule?
Answer: 

The effective date of the final rule is October 1, 2020.
• Banks subject to the general performance standards must comply with the following sections of the final rule by January 1, 2023: (1) qualifying activities quantification; (2) qualifying activities value; (3) assessment area; (4) performance standards, in general; (5) CRA evaluation measure; (6) retail lending distribution tests; (7) general performance standards and ratings; (8) data collection; (9) recordkeeping; and (10) reporting.
• Banks subject to the small and intermediate bank performance standards must comply with the following sections by January 1, 2024: (1) assessment area; (2) small and intermediate bank performance standards; (3) retail domestic deposit data collection for small and intermediate banks evaluated under the small and intermediate bank performance standards; and (4) recordkeeping.
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Learn more about Jack Holzknecht’s webinar OCC's Final CRA Rule

First published on 06/21/2020

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