The Federal Deposit Insurance Corporation (FDIC) has been accused of bungling its Community Reinvestment Act (CRA) exams, leaving the public questioning the accountability of financial institutions.
According to a recent announcement, the FDIC has issued its CRA examination schedules for the first and second quarters of 2023, but critics argue that the agency’s lack of transparency and oversight has created a culture of complacency among banks and thrifts.
The CRA, a 1977 law, requires financial institutions to help meet the credit needs of their communities, including low- and moderate-income neighborhoods. However, the FDIC’s scheduling of CRA exams has raised eyebrows, with some institutions facing examinations as infrequently as once every 48 months.
Under the law, institutions with less than $250 million in assets and a CRA rating of Satisfactory can be subject to a CRA exam no more frequently than once every 48 months. This has led to accusations that the FDIC is coddling large institutions, allowing them to avoid scrutiny and potentially engage in questionable practices.
FDIC officials claim that the schedules are based on the best information available and are subject to change. However, critics argue that the agency’s lack of transparency and accountability has created a system that rewards institutions for inaction.
As the FDIC continues to grapple with the consequences of its bungled CRA exams, one thing is clear: the public deserves better. It’s time for the FDIC to step up its game and ensure that financial institutions are held accountable for their actions.
The FDIC’s CRA examination schedules for the first and second quarters of 2023 can be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to the Public Information Center at 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226.
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- FDIC Exposed for CRA Compliance Failures, Washington DC, 2025 · Washington
- FDIC Unveils CRA Compliance Bank Review List, Washington DC, 2025 · Washington
- FDIC Named in CRA Compliance Violations, Washington DC, 2023 · Washington
Key Facts
- Agency: FDIC
- Category: White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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