More than 500 banks will receive Community Reinvestment Act (CRA) examinations during the first half of 2018, the Federal Deposit Insurance Corp. (FDIC) announced Thursday, with Illinois seeing the most at 37 over the six-month period.
A total of 528 banks in 47 states, and Guam, are included in the six-month schedule.
FDIC noted that CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. The OCC released its schedule earlier in the week.
According to the FDIC, examinations are scheduled based on an institution’s asset size and CRA rating. Under FDIC rules, an institution with $250 million or less in assets and a CRA rating of “Satisfactory” can be subject to a exam no more frequently than once every 48 months. 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 agency pointed out that the schedules are subject to change. “For example, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility,” FDIC said. “Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations. If an institution is rescheduled for a different quarter, that information will be included on a later list.”
Rounding out the top five states for numbers of exams scheduled for banks are: California (30); Missouri (29); Kansas (28) and a tie between Minnesota and Texas (27).