Federal Reserve System, Community Reinvestment Act Violations, USA,…

The Federal Reserve System, the FDIC, and the OCC have dropped a bombshell on the American heartland. The agencies have released their 2022 list of distressed or underserved nonmetropolitan middle-income geographies, highlighting towns teetering on the brink of economic collapse.

These geographic areas are eligible for revitalization or stabilization activities under the Community Reinvestment Act (CRA), which aims to help struggling communities. The designations reflect local economic conditions, including unemployment, poverty rates, and population changes.

The 2022 list uses County Intercensal Estimates from 2000-2010 due to the unavailability of the 2010-2020 data. Towns identified on this list can expect support for community development efforts for a year following its publication.

As usual, the agencies have applied a one-year lag period for areas previously designated as distressed or underserved but no longer on the current list. This move reflects the dynamic nature of economic conditions across the nation.

The release of this list underscores the ongoing struggle faced by many American towns and cities. The agencies’ actions are a call to action for financial institutions and other stakeholders to invest in these communities, providing them with the resources needed to thrive.

For more information on the 2022 list of distressed or underserved nonmetropolitan middle-income geographies, visit the Federal Financial Institutions Examination Council (FFIEC) website.

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