In May 2022, The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System proposed changes to the Community Reinvestment Act (CRA), including reclassification of small, intermediate, and large banks; new qualitative and quantitative test processes, and clarifying the definition of Community Development, with the goal of expanding access to credit, investment, and basic banking services in low- and moderate-income (LMI) communities.

This overhaul is likely to necessitate stronger compliance efforts, including detailed documentation, for commercial lenders. Click through to the infographic below for an overview of the proposed changes to the CRA.