Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted…

This joint resolution nullifies a rule published on June 5, 2020, by the Office of the Comptroller of the Currency within the Department of the Treasury.

The rule generally revises the office's implementation of the Community Reinvestment Act (CRA), which requires banks to serve the credit needs of low- and moderate-income communities. Under the CRA, a bank receives credit, which influences the bank's performance rating, for conducting specified activities related to this requirement in designated assessment areas.

Among other things, the rule revises qualifying CRA activities, sets forth new procedures for determining if an activity qualifies under the CRA, and expands designated assessment areas.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov