Approximately 550 banks and thrifts are scheduled for Community Reinvestment Act (CRA) examinations by the Federal Deposit Insurance Corp. (FDIC) during the first two quarters of 2019, according to schedules published Friday.
CRA is a 1977 statute aimed at encouraging insured banks and thrifts to help meet the credit needs of the communities in which they are chartered to do business, including low- and moderate-income neighborhoods, consistent with safe and sound operations.
The 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,” FDIC said in a release Friday. “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.”
Possible CRA ratings are outstanding, satisfactory, needs improvement, and substantial noncompliance.
FDIC says the first- and second-quarter CRA exam schedules (Jan. 1 through March 30, and April 1 through June 30) are based on the best information now available and 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,” the agency notes. “Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations.”
FDIC CRA Examination Schedules (by quarter)