The financial regulatory landscape has experienced noteworthy changes, exemplary of which is the final rule issued by the Federal Reserve System’s Board of Governors, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. On October 24, 2023, these bodies have amended regulations implementing the Community Reinvestment Act (“CRA”) – alterations unofficially dubbed “The New CRA”.
This is the third in a series of blog posts shedding light on this significant regulatory shift issued by Ballard Spahr LLP. Significant changes impacting both large and intermediate banks have already been encapsulated in prior posts, and this latest one turns the spotlight onto the transformations for smaller banks.
For our esteemed audience of legal professionals serving in prestigious corporations and law firms, it is crucial to comprehend these regulatory shifts thoroughly. This new understanding will undoubtedly influence legal strategy, ensuring compliance, mitigating risk, and optimizing client advising in a new context. Our articles strive to track these developments and distil their complexities into actionable insight promptly.
Keep an eye on updates and further analysis in the coming days to understand fully the ramifications of this new rule, ‘The New CRA,’ and its potential impact across the banking landscape, specifically on small banks.