The Bank Policy Institute issued the following statement on today’s announcement from the federal banking agencies that they would rescind the 2023 Community Reinvestment Act final rule and reinstate the prior framework:
“Today’s sensible action signifies a welcome return to the longstanding approach to the CRA. The 2023 rule went beyond the statute set by Congress and risked exerting undue influence on how banks allocate credit and undermining the goals of the CRA. We are encouraged by the decision to rescind the flawed 2023 rule.”
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About Bank Policy Institute.
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
Media Contacts
- Tara Payne, Bank Policy Institute, tara.payne@bpi.com
