FDIC and FRB Amend Asset-size Thresholds for Small Banks Under CRA
The FDIC and Federal Reserve Board amended the asset-size thresholds used to define "small bank" and "intermediate small bank" under Community Reinvestment Act ("CRA") regulations.
The amendment adjusts the asset-size thresholds based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The agencies stated that the annual percentage increased by 8.6 percent during the 12-month period ending November 2022. Under the amended CRA regulations, the agencies are adjusting the threshold as follows: "beginning January 1, 2023, banks that, as of December 31 of either of the prior two calendar years, had assets of less than $1.503 billion are small banks. Small banks 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 are intermediate small banks."
The new asset-size thresholds will take effect on January 1, 2023.
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