Up to 370 banks will be examined for compliance with rules implementing anti-redlining laws in the fourth quarter of this year, and the first quarter of the next year, the federal insurer of bank deposits said Tuesday.
The Federal Deposit Insurance Corp. (FDIC) said compliance exams under Community Reinvestment Act (CRA) rules are scheduled in the fourth quarter of 2022 for 169 banks; and 201 banks in the first quarter of 2023.
“CRA examinations are scheduled based on an institution’s asset size and CRA rating,” the FDIC said in a release. “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. 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.”
The agency indicated that the schedule can change, noting that, for instance, a bank not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility. Alternatively, the agency said, some exams may take more time and resources than originally considered, delaying other scheduled examinations. If an institution is rescheduled for a different quarter, that information will be included on a later list, the agency said.