Press Release

December 19, 2022 Agencies release annual asset-size thresholds under Community Reinvestment Act regulations Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation For release at 11:00 a.m. EST Share The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2023 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is a measure of inflation. As a result of the 8.60 percent increase in the CPI-W for the period ending in November 2022, the definitions of small and intermediate small banks for CRA examinations will change as follows: Small bank means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.503 billion. Intermediate small bank means a small institution with assets of at least $376 million as of December 31 of both of the prior two calendar years and less than $1.503 billion as of December 31 of either of the prior two calendar years. The CRA regulations establish the framework and criteria by which the relevant agencies assess a financial institution's record of helping to meet the credit needs of its community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.  Financial institutions are evaluated under different CRA examination procedures based upon their asset-size classification. For example, banks meeting the small and intermediate small bank asset-size thresholds are not subject to the reporting requirements applicable to large banks unless they choose to be evaluated as a large bank. These asset-size thresholds are effective January 1, 2023. A list of the current and historical asset-size thresholds is available here . Federal Register notice: Community Reinvestment Act Regulations Asset-Size Thresholds Media Contacts:

Federal Reserve (2022, December 18). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20221219_agencies_release_annual_assetsize_thresholds

@misc{wtfs_press_release_20221219_agencies_release_annual_assetsize_thresholds,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2022},
  month = {Dec},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20221219_agencies_release_annual_assetsize_thresholds},
  note = {Retrieved via When the Fed Speaks corpus}
}