After more than five years—with competing developments at times—the federal banking agencies (Federal Reserve, OCC, and FDIC) have revamped the regulations that implement the Community Reinvestment Act (CRA).

The final interagency rule uses a new framework to evaluate banks that features four tests with varying applicability based on a bank’s total assets: a Retail Lending Test, a Retail Services and Products Test, a Community Development Financing Test, as well as a Community Development Services Test. The way the tests are formulated will require some banks to re-think their CRA plans to comply or maintain favorable ratings.

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