FDIC Unveils 2024 CRA Exam Schedules: Q1 & Q2 Targets Revealed

GRIMY TIMES EXCLUSIVE: The Federal Deposit Insurance Corporation (FDIC) has dropped the curtain on its Community Reinvestment Act (CRA) examination schedules for the first quarter and second quarter of 2024. Institutions across the nation are now facing increased regulatory scrutiny as the FDIC gears up for a series of examinations designed to ensure compliance with the 1977 law aimed at promoting access to credit in low- and moderate-income neighborhoods.

Under the CRA, federal bank and thrift regulators are required to publish their quarterly examination schedules ahead of each quarter. This transparency is crucial for fostering accountability within the financial sector and ensuring that institutions are actively working to meet the credit needs of all community members.

The examination schedule, based on the institution’s asset size and CRA rating, outlines when specific banks and thrifts will be under the FDIC’s microscope. Institutions with assets of $250 million or less and a satisfactory CRA rating may face examinations as infrequently as once every 48 months, while those with an outstanding rating can go up to 60 months without a review.

While the schedules are subject to change based on the evolving needs of the regulatory process, they provide a roadmap for what institutions can expect in terms of oversight. The FDIC also encourages public comment on the institutions scheduled for examination, emphasizing that feedback from community members is an essential part of the CRA’s mission.

For those looking to stay informed, the full schedules are available via phone at (703) 562-2200 or (877) 275-3342, fax at (703) 562-2296, or through a written request sent to the FDIC’s Public Information Center. The schedules and contact information are also attached for ease of access.

This latest move by the FDIC underscores their commitment to enforcing the CRA and ensuring that financial institutions play a vital role in fostering economic growth and stability across all communities.

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