The Board of Governors of the Federal Reserve System (FED) has issued a press statement to announce the publication of the new 2023 list of „distressed or underserved nonmetropolitan middle-income geographies“. This list is primarily based on the assessment of local unemployment rates and the economic outlook (besides geographical criteria).
The list is relevant for all banks providing lending services as investments in these geographical areas are likely to qualify for Community Reinvestment Act (CRA) credit and thus contribute to a positive evaluation of an institution’s CRA performance. The list will be valid for 12 months.
Other Features
assessment
banks
loan
Date Published: 2023-06-23
Regulatory Framework: Community Reinvestment Act
Regulatory Type: procedure
Rules of Practice and Procedure
ID 26588
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