National Bank Community Development Investments

The Office of the Comptroller of the Currency (OCC) has published in the Federal Register (FR) a final rule to modify Form CD–1—National Bank Community Development (Part 24) Investments under Statutory Instrument 12 CFR Part 24. The form needs to be used by (foreign) national banks, their subsidiaries, and national savings associations to provide an after-the-fact notice or to seek prior approval for public welfare investments in accordance with the provisions of the Community Reinvestment Act.
According to the OCC, the modification is minor in nature and only concerns the expiration date of the form which is now set at August 31, 2025 following the approval of the Office of Management and Budget (OMB) for an extension of the form. As the rule change is non-substantial in nature, it has come into force with immediate effect.