The Federal Deposit Insurance Corporation (FDIC) has issued the eagerly awaited lists of institutions set to undergo a Community Reinvestment Act (CRA) examination in the fourth quarter of 2024 and the first quarter of 2025. This move, as mandated by CRA regulations, ensures transparency and accountability within the banking sector.
The Community Reinvestment Act, a landmark 1977 legislation, requires banks to meet the credit needs of their entire community, including low- and moderate-income neighborhoods, while maintaining safe and sound operations. The CRA examinations serve as a crucial tool for federal regulators to evaluate institutions’ efforts in this regard.
Examinations are scheduled based on an institution’s asset size and CRA rating. Institutions with $250 million or less in assets and a ‘Satisfactory’ rating can be examined no more than once every 48 months, while those with the same asset size but an ‘Outstanding’ rating are subject to examinations once every 60 months.
The schedules for October 1, 2024, through December 31, 2024, and January 1, 2025, through March 31, 2025, are contingent on the latest information available and may be subject to changes. Institutions not originally scheduled might undergo examinations in conjunction with other applications or due to delays in resources allocation.
Public comment is encouraged regarding the institutions set for examination under the CRA. Comments can be directed to the respective institutions or the Deputy Regional Director of the appropriate FDIC regional office. All comments received prior to the completion of a CRA examination will be considered.
The detailed CRA examination schedules for the specified quarters are available through various channels, including phone, fax, and mail. For more information, contact the FDIC Public Information Center at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226, or call (703) 562-2200 or (877) 275-3342.
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