The Federal Deposit Insurance Corp. (FDIC) on Thursday released its lists of banks slated for Community Reinvestment Act (CRA) examinations during the third and fourth quarters of 2018.
CRA, enacted in 1977 in response to redlining practices, requires federally insured banks and thrifts to provide credit in the communities where they are chartered to do business, including low- and moderate-income neighborhoods and consistent with safe and sound operations.
The FDIC, the federal insurer of bank and thrift deposits, says that 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. If the same size institution has a CRA rating of Outstanding, and absent “reasonable cause,” those exams can be no more frequent than once every 60 months.
Third- and fourth-quarter exams take place, respectively, from July 1, 2018, through Sept. 30, 2018, and Oct. 1, 2018, through Dec. 31, 2018. Lists of banks scheduled are subject to change based on individual institutions’ circumstances. FDIC says changes in scheduling will be noted on a later list.
FDIC notes that federal bank and thrift regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office. All public comments received prior to completion of a CRA examination will be considered.