Community Reinvestment Act Regulations Asset-Size Thresholds

As previously announced by the Office of the Comptroller of the Currency (EventID 24582), the Board of Governors of the Federal Reserve System (FED) and the Federal Deposit Insurance Corporation (FDIC) have now published in the Federal Register the yearly adjustment of the asset size thresholds to be classified as „small“ and „intermediate small“ institutions for 2024**. These categories are used
(a) by regulatory authorities to apply different evaluation procedures to assess the performance of institutions under the Community Reinvestment Act and
(b) to determine reporting requirements – or an exemption thereof – of institutions.
The new thresholds reflect a 4.06% increase in the consumer price index (CPI) and are the following:
“Small banks” or “small savings associations” are institutions with assets of less than $1.564 billion „as of December 31 of either of the prior two calendar years“.
“Intermediate small banks” or “intermediate small savings associations” are institutions „with assets of at least $391 million as of December 31 of both of the prior two calendar years and less than $1.564 billion as of December 31 of either of the prior two calendar years.“
The new thresholds apply from January 1, 2024.