Community Reinvestment Act and digital banking activities has been saved
Perspectives
Community Reinvestment Act and digital banking activities
Prepare for proposed community reinvestment act changes now
On May 5, 2022, the banking regulators in the US announced proposed updates to Community Reinvestment Act and with the public comment period closing on August 5, we expect significant changes to be on the horizon. The proposed updates aim to ensure financial inclusion and fair lending and address the acceleration of digital banking activities. In our report, you’ll learn what the proposed community reinvestment act changes can mean for you and how you can begin to evaluate your digital banking programs in advance of finalization.
In the last few years, there has been tremendous transformation in digital banking. As a result, regulators are beginning to revise rules and guidance to better align with the robust mobile-, web-based customer banking experience. The proposed Community Reinvestment Act (CRA) changes include enhanced evaluation criteria to address the rise of mobile and online banking while maintaining financial inclusion. Financial institutions should closely monitor the proposed changes and begin to evaluate areas of their digital banking programs, including digital activities and delivery systems, to assess the intersection of these systems and the products offered against the needs of low- and moderate-income communities. Download our report to learn more.
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Deloitte Center for Regulatory Strategy
Irena Gecas-McCarthy |
Michele Jones |
Kyle Cooke |
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