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B-333856 Dec 22, 2021 1 (2021-12-22)

handle is hein.gao/gaomop0001 and id is 1 raw text is: m1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333856 December 22, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency: Community Reinvestment Act Regulations Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC) entitled Community Reinvestment Act Regulations (RIN: 1557-AF12). We received the rule on December 15, 2021. It was published in the Federal Register as a final rule on December 15, 2021. 86 Fed. Reg. 71328. The effective date is January 1, 2022. According to OCC, the final rule adopts a final Community Reinvestment Act rule that is based largely on the 1995 Community Reinvestment Act rules, as revised, that were issued by OCC, Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC). OCC stated the final rule applies to national banks and savings associations. OCC further stated the final rule rescinds a prior rule published by OCC on June 5, 2020, and facilitates the OCC's planned future issuance of updated interagency rules with the Board and FDIC. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. §§ 553(d)(3), 808(2). Here, although OCC did not specifically mention the CRA's 60-day delay in effective date requirement, the agency found good cause to waive the Administrative Procedure Act's 30-day delay and incorporated a brief statement of reasons. Specifically, OCC stated a delay would cause a bank to be subject to two different regulatory regimes during any three-year examination period that includes 2022; data collected on a calendar-year basis is more useful to stakeholders than data collected for a

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