To our clients and friends:
On October 24, 2023, the federal bank regulatory agencies jointly issued a final rule to strengthen and modernize the regulations implementing the Community Reinvestment Act. The rule continues to tailor performance standards to account for differences in bank size and business models, and most significantly affects “large banks” with $2 billion or more in assets while providing flexibility for “small banks” with less than $600 million in assets. Our Alert discusses the new key provisions and is available here.