The Federal Deposit Insurance Corporation (FDIC) has come under fire for releasing the Community Reinvestment Act (CRA) examination schedules for the first quarter and second quarter of 2024, sparking public comment and scrutiny from industry experts and regulators.
The FDIC’s move to publish the CRA examination schedules, which require federal regulators to assess an institution’s record of helping to meet the credit needs of low- and moderate-income neighborhoods, has raised eyebrows among some in the financial community.
According to sources, the schedules are based on an institution’s asset size and CRA rating, with institutions with $250 million or less in assets and a CRA rating of Satisfactory subject to a CRA examination no more frequently than once every 48 months, and institutions with $250 million or less in assets and a CRA rating of Outstanding subject to a CRA examination no more frequently than once every 60 months.
The move has also sparked concerns about the fairness and transparency of the CRA examination process, with some arguing that the schedules could be used to target certain institutions for scrutiny.
The FDIC has encouraged public comment on the institutions to be examined under the CRA, with comments directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office.
As part of the CRA examination process, federal regulators will assess an institution’s record of helping to meet the credit needs of low- and moderate-income neighborhoods, including assessing their lending practices and community investment.
The CRA examination schedules for the first quarter and second quarter of 2024 are available on the FDIC’s website, and can also be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to the FDIC’s Public Information Center at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226.
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