FDIC Schedules CRA Exams, WASHINGTON DC, 2023

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) is tightening the screws on banks, announcing today a schedule of Community Reinvestment Act (CRA) examinations for the third and fourth quarters of 2023. It’s a move that signals increased federal scrutiny of how banks serve the communities – and crucially, the low- and moderate-income neighborhoods – where they operate.

The CRA, a 1977 law, demands that insured banks and thrifts meet the credit needs of all communities, not just the profitable ones. These aren’t simple check-ups; they’re deep dives into a bank’s lending record, assessing whether they’re actually putting their money where their mouth is when it comes to revitalizing struggling areas. Regulators aren’t messing around. They’re looking for evidence of genuine investment, not just lip service.

The frequency of these examinations isn’t random. Banks with assets of $250 million or less, and a “Satisfactory” CRA rating, can expect a visit no more than once every 48 months. But those boasting an “Outstanding” rating aren’t off the hook entirely – they can be examined every 60 months. The FDIC is making it clear that even good performers aren’t exempt from accountability. This is about maintaining standards and ensuring consistent community investment.

The schedules released today – covering July 1 to September 30, 2023, and October 1 to December 31, 2023 – are, however, subject to change. The FDIC acknowledges that unexpected issues can arise, like an institution needing extra attention during a deposit facility application or needing more resources than anticipated, potentially delaying other scheduled exams. The agency promises to update the lists accordingly.

But here’s where it gets interesting: the FDIC is actively encouraging public comment. They want to hear from the public about the institutions being examined. Anyone with information relevant to a bank’s CRA performance can direct their comments to the bank itself or to the Deputy Regional Director of the appropriate FDIC regional office. The agency insists all comments received before the examination concludes will be taken into consideration – a clear invitation for whistleblowers and concerned citizens to come forward.

The full examination schedules and regional contact information are available by calling (703) 562-2200 or (877) 275-3342, faxing (703) 562-2296, or writing to the FDIC Public Information Center in Arlington, VA. LaJuan Williams-Young, at (703) 470-0201, is the FDIC contact for inquiries. This isn’t just paperwork; it’s a sign that the FDIC is serious about holding banks accountable for their community obligations. The Grimy Times will continue to monitor these developments and expose any wrongdoing.