Following the publication of this article, the Public File deadline was adjusted to January 1, 2026.

The recent lawsuit challenging the Community Reinvestment Act (CRA) File Rule may have added uncertainty to the implementation timeline, but one crucial aspect remains unchanged: your CRA Public File must be updated and readily available by April 1, 2024. This article serves to highlight some of the most notable changes to the Public File as outlined in the Final Rule.

Planning for Quarterly Updates

Gone are the days of planning for annual CRA Public File updates. During their January webinar, the Agencies highlighted the requirement to update certain information in the Public File every quarter, including public comments and branch openings and closings. While the concept of including these details is not new, the requirement to make quarterly updates is. 

Identifying Assessment Areas

For this year’s April 1st update, plan to include facility-based assessment areas in your Public File. Pay careful attention to the requirements for your bank size and evaluation type. For instance, large banks and limited purpose banks are required to delineate full counties. A small or intermediate bank may continue to adjust the boundaries of its facility-based assessment areas to include only the portion of a county that it reasonably can be expected to serve. Once retail lending assessment areas (RLAA) are effective, bank’s will also need to include details about those delineations in the Public File as well. So while RLAAs aren’t required to be in your Public File for April 1, 2024, it's a good idea to begin evaluating your lending and considering where you might have these areas. 

Outlining Retail Banking Services

In this section of the Public File, bank’s will be expected to provide detailed information about the retail banking services generally offered at the bank’s branches. It's important to note the term retail banking services is defined in the CRA Final Rule as “retail financial services provided by a bank to consumers, small businesses, or small farms and include a bank’s systems for delivering retail financial services.” The same term is used in the Final Rule to describe the components of the Retail Products and Services Test.

Maintaining the File on your Website

During their January webinar, the Agencies also acknowledged a major change to the CRA Public file is the requirement for banks to maintain the file on their website. This requirement applies to banks of all sizes. According to the FDIC, there are currently 4,600 banks considered active and only 87 do not have a website listed. Considering this figure is only 2 percent of financial institutions, most banks will be making the file available on their website. 

When posting to your website, consider Americans with Disabilities Act (ADA) compliance by making sure your website complies with the Web Content Accessibility Guidelines to ensure everyone can access the information easily. The CRA Final Rule doesn’t explicitly mention ADA compliance, but the intersection of regulatory requirements can never be underestimated. While there are no specifics in the rule about where on the website the CRA Public File should be housed, common locations include the "About Us" page, the "Community" page, or a dedicated "CRA" page.

Although legal challenges to the Final Rule are ongoing, components like the CRA Public File updates still require attention. Remember, keeping the CRA Public File up-to-date is not just a regulatory requirement, it's an opportunity for transparency and community engagement. By providing clear and accessible information about your institution's commitment to serving all segments of its local community, you can build trust and foster stronger partnerships with the individuals and organizations that make your community thrive.

Sarah Brons is Senior Vice President of CRA Products and Services at RiskExec. She has more than 20 years of experience in financial services and regulatory compliance. Sarah is an expert in community reinvestment and community development and leads CRA product development.