A flat file containing demographic median family income data for use in complying with anti-redlining laws was released Friday by the umbrella agency for federal financial institution regulators.
The file, released by the Federal Financial Institutions Examination Council (FFIEC), is the second part of the agency’s 2022 federal census products release, the agency said. It covers, the FFIEC said, the demographic information from the redistricting data release from last year. It also includes the data from fields in the “American Community Service (ACS)” data release, issued last spring, which includes tract income categories.
The data is used by financial institutions to ensure compliance with federal financial institution regulators’ rules implementing the Community Reinvestment Act (CRA).
Friday’s release makes up the 2022 Median Family Income (MFI) Report, which shows the estimated MFI that corresponds to the year when loan application data are collected. The FFIEC noted that for 2012 and forward, the MFI data are calculated by the FFIEC. For years 1998 through 2011, the MFI data were calculated by HUD.
The agency noted that in 2022, it is releasing the various FFIEC Census products in three parts as the data become available. The first release was March 30, 2022; the second release was Friday’s; and a final release is expected in 2023 after the Demographic and Housing Characteristics (DHC) files are released by Census.