Third-quarter and fourth-quarter schedules of examinations for banks’ compliance with the anti-redlining Community Reinvestment Act (CRA) were released recently by federal banking regulators.
The 1977 statute requires the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) to assess banks’ records of meeting the credit needs of their entire communities, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
CRA examinations are scheduled based on an institution’s asset size and CRA rating. “Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months. Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months,” the FDIC said in its release.
The third-quarter and fourth-quarter examinations will occur between Oct. 1 and Dec. 31, 2024, and between Jan. 1 and March 31, 2025. Both agencies encourage public comments about institutions coming up for their CRA exams, directed to the banks or to their federal supervisor.
FDIC Issues CRA Examination Schedules for Fourth Quarter 2024 and First Quarter 2025
OCC Issues Fourth Quarter 2024 and First Quarter 2025 CRA Evaluation Schedule