A total of 605 federally supervised banks and savings institutions are slated for evaluation under the anti-redlining Community Reinvestment Act (CRA) by the Federal Deposit Insurance Corp. (FDIC) and Office of the Comptroller of the Currency (OCC) during the second and third quarters of 2023.
The schedules, released Tuesday, shows the OCC will be conducting 185 of those evaluations. Of those, the greatest numbers of CRA exams will occur in Illinois (13), Ohio (21), and Texas (28).
The FDIC is set to conduct 214 and 206 such exams in the second and third quarters, respectively. The second quarter will see the highest numbers of FDIC CRA evaluations in Illinois (17), Minnesota (19), and Texas (13.) In the third quarter, the greatest numbers are slated in Iowa (16), Illinois (17), and Texas (14.)
The FDIC noted that CRA examinations are scheduled based on an institution’s asset size and CRA rating. It said 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; and 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. A banking institution may receive one of four ratings for compliance with the CRA: outstanding, satisfactory, needs improvement, and substantial noncompliance.
Both the FDIC and OCC welcome public comments on the institutions scheduled for evaluation, with the OCC pointing out comments should be submitted the month prior to the one a bank’s CRA evaluation is slated to begin. Comments should be submitted to the institutions themselves, the agencies said, or to the appropriate agency supervisory office.
The FDIC also notes that CRA exam schedules are subject to change.
FDIC Issues CRA Examination Schedules for Second Quarter 2023 and Third Quarter 2023
OCC Issues Second and Third Quarter 2023 CRA Evaluation Schedule