Federal agencies extend applicability date of new CRA rule

Federal bank regulatory agencies in late March announced they are issuing an interim final rule that extends the applicability date of certain provisions of the CRA Final Rule that TBA and aligned banking and business groups were recently challenged in the Amarillo Northern District Court. Under the auspices of promoting “clarity and consistency,” the agencies extended the applicability date of the facility-based assessment areas and public file provisions from April 1, 2024, to January 1, 2026.  This means banks will not have to make changes to their assessment areas or public files due to the rule published in the Federal Register on February 1, 2024, until January 1, 2026. The agencies are seeking public comments on these changes.

The supplemental rulemaking issued by the agencies also makes a few “technical amendments.” The TBA legal team is coordinating with our CRA lawsuit co-plaintiffs to assess the announcement and its impact on bank CRA compliance.