March 29, 2024

CRA Rule Delay

Vol. XLI, No. 3

Certain elements of the new Community Reinvestment Act (CRA) rule which were set to go into effect next week have been delayed. Specifically, the Joint Federal Bank Regulatory Agencies have extended the applicability date of the public file and facility-based assessment area provisions from April 1, 2024, to January 1, 2026. This means that banks will not have to make changes to their assessment areas or their public files as a result of the rule published in the Federal Register on February 1, 2024, until January 1, 2026.

The Agencies are seeking public comments on the amendments to the CRA rule for a period of 45- days after publication in the Federal Register, but the interim final rule delaying these applicability dates until January 1, 2026, is set to take effect on April 1, 2024.

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The foregoing Compliance Update is for informational purposes only and does not constitute legal advice. As a reminder, the NBA general counsel is the attorney for the Nebraska Bankers Association, not its member banks. The general counsel is available to assist members with finding resources to help answer their questions. However, for specific legal advice about specific situations, members must consult and retain their own attorney.