Press Release
☷Agencies extend applicability date of certain provisions of their Community Reinvestment Act final rule
Federal Reserve System ( By Press Release office)
Mar 23,2024
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Today , federal bank regulatory agencies announced a rule that extends the deadline for certain provisions in their Community Reinvestment Act final rule from April 1 , 2024 , to January 1 , 2026 . This means that banks won ' t have to make changes to their assessment areas or public files until 2026 . The agencies also made some technical amendments to the final rule . Comments on the extension can be submitted within 45 days of the rule being published in the Federal Register . The goal of these updates is to strengthen and modernize the CRA , which was passed almost 50 years ago to encourage banks to support the credit needs of all communities .
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