On May 5, 2022, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (the “Fed”), and the Federal Deposit Insurance Corporation (“FDIC”) (together, the “Agencies”) issued a nearly 700-page Notice of Proposed Rulemaking (“NPR”) proposing revisions to the Agencies’ Community Reinvestment Act (“CRA”) regulations. The CRA was enacted in 1977 to encourage banks to meet the credit and deposit needs of the communities in which they are located and provide a framework for the Agencies to examine banks for that purpose. The Agencies’ objectives in issuing the NPR include “updat[ing] CRA regulations to strengthen the achievement of the core purpose of the statute,” “adapt[ing] to changes in the banking industry, including the expanded role of mobile and online banking,” “tailor[ing] performance standards to account for differences in bank size and business models and local conditions,” and “provid[ing] greater clarity and consistency in the application of the regulations.” The tailoring objective is reflected in, among other things, many of the proposed changes applying only to banks with over $2 billion in assets, and several applying only to banks with assets over $10 billion.