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ABA: The American Bankers Association
Compliance News

OCC Pauses CRA Information Collection Survey

The OCC has announced that national banks will not be required to respond to the agency's Community Reinvestment Act information collection by the previously established May 31, 2021 deadline. Before determining how to proceed with the CRA information collection, the agency will consider comments that it receives in response to the Paperwork Reduction Act Notice that was published in the Federal Register on December 15, 2020. Comments will be due February 16.

The OCC issued the information collection to gather bank-specific data on which to base the new CRA performance benchmarks under the agency’s June 2020 CRA rule. ABA and other trade associations urged the OCC to withdraw the information collection survey and coordinate with the Federal Reserve and the FDIC to update the CRA regulations on an interagency basis. For more information, contact ABA's Krista Shonk.