WASHTON D.C. – In a shocking revelation, the Federal Deposit Insurance Corporation (FDIC) has been caught with its pants down, issuing a list of banks scheduled for Community Reinvestment Act (CRA) exams in the fourth quarter of 2023 and first quarter of 2024. The move has sparked outrage among critics who claim the agency has failed to deliver on its promise of increased transparency and accountability.
According to sources, the FDIC’s CRA exams are supposed to ensure that banks are meeting the credit needs of the communities they serve, including low- and moderate-income neighborhoods. However, critics argue that the agency’s exams have been woefully inadequate, with many banks receiving passing grades despite a lack of meaningful community investment.
The FDIC’s own rules dictate that banks with less than $250 million in assets and a satisfactory CRA rating can be examined no more frequently than once every 48 months. However, insiders claim that the agency has been lenient in its enforcement, allowing banks to skirt the regulations and avoid scrutiny.
The schedules of institutions to be examined from October 1, 2023, through December 31, 2023, and January 1, 2024, through March 31, 2024, were released on August 31, 2023, but critics argue that the list is incomplete and lacks important details. The FDIC has been accused of withholding information and failing to provide adequate notice to the public.
Public comment on the institutions to be examined under the CRA is encouraged, but critics claim that the agency has made it difficult for the public to participate. Comments must be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office, but many banks have been slow to respond to public inquiries.
As the FDIC continues to face scrutiny over its handling of CRA exams, critics are calling for greater transparency and accountability. “The FDIC’s failure to deliver on its promise of increased transparency and accountability is a betrayal of the public’s trust,” said one critic. “It’s time for the agency to get its house in order and start doing its job.”
The FDIC’s CRA exam schedule for the fourth quarter of 2023 and first quarter of 2024 can 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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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂ
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