FDIC Not Specified, Community Reinvestment Act Support, Washington …

Washington, D.C. — In a move that promises to reshape the financial landscape for certain communities, the Federal Deposit Insurance Corporation (FDIC) today joined forces with the Federal Reserve Board and the Office of the Comptroller of the Currency to release the 2024 list of distressed or underserved nonmetropolitan middle-income geographies eligible for Community Reinvestment Act (CRA) support.

The CRA, a cornerstone of federal bank regulatory policy, requires banks to meet the credit needs of their entire community, including low- and moderate-income neighborhoods. The newly released list identifies areas where revitalization or stabilization efforts qualify for CRA consideration, reflecting local economic conditions like unemployment rates, poverty levels, and population shifts.

Revitalization activities in these designated geographies will be eligible for CRA consideration for 12 months following the publication of this list. This one-year lag period also applies to areas that were previously designated as distressed or underserved but are no longer on the current list.

The agencies have made previous lists and criteria for designating these areas publicly available here. The comprehensive 2024 List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies can be accessed in an attached document.

LaJuan Williams-Young, a spokesperson for the FDIC, emphasized the importance of this initiative. ‘These designations are not just numbers on a page; they represent real people and communities that need our support to thrive economically,’ she said.

The release of the 2024 list marks another step in the ongoing effort to ensure that financial institutions play a critical role in community development, providing much-needed resources to areas struggling to recover from economic challenges.

RELATED: Feds Flag Rural Areas for Financial Exploitation