On October 24, 2023, the federal banking agencies finalized comprehensive revisions to their respective Community Reinvestment Act (“CRA”) regulations. The Agencies’ objectives in issuing the final rule include, among others, adapting to changes in the banking industry, including the expanded role of mobile and online banking, tailoring performance standards to account for differences among banks and in local conditions, confirming that CRA and fair lending responsibilities are mutually reinforcing, and promoting a consistent regulatory approach. Although the final rule largely tracks the agencies’ May 2023 proposal, it also reflects several key changes. Those changes most significantly affect banks with over $2 billion in assets, with additional requirements applicable to banks with over $10 billion in assets.