More than 500 banks and savings institutions are scheduled to receive examinations for anti-redlining regulation compliance during the first and second quarters of 2020, the federal insurer of bank deposits said Friday.
In a release, the Federal Deposit Insurance Corp. (FDIC) said the majority of those exams for compliance with Community Reinvestment Act (CRA) regulations (274) are scheduled to be conducted during the first quarter; 228 are slated for the second quarter.
The total number of banks slated for evaluation (502) is equal to about 9.5% of all FDIC-insured institutions.
The FDIC said that, over the first six months of the year, 40 banks in Illinois are set to receive their CRA exams, the most evaluations to be conducted in one state over the two-quarter period. Rounding out the top five among states expected to receive exams for the first two quarters are Texas (32), Iowa (29), Minnesota (27), and Missouri (26). The least number of banks in states to receive CRA exams will be in Delaware, Nevada, Vermont, and Wyoming, each with one. (Only one bank in Puerto Rico is likewise set for a CRA evaluation.)
As is routine, the FDIC cautioned that the exam schedules are based on “the best information now available and are subject to change.” For example, the agency said, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility. “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,” the FDIC said.