Compliance With the Community Reinvestment Act Regulation

The October 2023 revisions to the Community Reinvestment Act of 1977 (CRA) amend the CRA performance evaluation framework for assessing banks and updates the federal banking agencies’ consideration criteria. CRA was implemented to ensure that banking institutions meet the needs of borrowers, markedly those in low and moderate income neighborhoods. The CRA amendments become effective in April 2024, with compliance set to begin January 1, 2026, and the revised reporting requirements becoming applicable on January 1, 2027. Read this practice note to understand the CRA amendments and evaluation framework revisions in preparation for CRA reporting.

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