2024 is right around the corner and there are a few provisions everyone needs to keep on their agenda to ensure compliance with the new CRA rules finalized on October 24, 2023. In an effort to help clarify the new rules, TCA reached out to the FDIC in Washington DC. The result of this call is that TCA can confirm there are provisions that will be effective on April 1, 2024 and have summarized them below. In addition, everyone should keep watch for a message from the FDIC regarding a planned webinar to assist banks with the new final CRA rule which will provide additional clarity and guidance on the rule.
TCA utilized the FDIC – CRA Final Rule as a resource for provisions discussed in this article which is noted below:
Community Reinvestment Act (fdic.gov)
Let’s start with the section regarding the applicability and transition provisions located in Subpart E—Transition Rules § __.51 Applicability dates and transition provisions located on page 1152 of the rule which is noted below:
TCA – A Better Way!
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