The Applicability Date of Certain Provisions of The CRA Final Rule – Delayed!
On March 21, 2024, the agencies jointly issued an interim final rule that extends the applicability date of the April 1st provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies, as a part of the extension requested public comments.
As part of extension of the applicability date for the facility-based assessment areas (FBAA) and public file provisions from April 1, 2024, to January 1, 2026. Banks will not have to make changes to their assessment areas or their public files as a result until January 1, 2026. This extension aligns these provisions with other substantive parts of the final rule that are applicable on January 1, 2026. For example, all provisions about where banks are evaluated will now apply on the same date. Comments on the extended applicability date must be received 45 days after the rule is published in the Federal Register.
On a positive note, if your Bank had already prepared for the change, you are in a good place! If the Bank was having issues getting the website piece nailed down with your Vendor, you now have some time.
