The Federal Reserve Board and the Federal Deposit Insurance Corporation have announced the updated asset size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations in 2024.
As published in the Federal Register, the definitions of small and intermediate small banks for CRA examinations were updated due to the 4.06 percent increase in the CPI-W for the period ending in November 2023. Changes to the asset-size thresholds, effective on January 1, 2024, are as follows:
- A small bank is an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.564 billion.
- An intermediate small bank is a small institution 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.
You can read the final rule here.
CCI suggests sharing this information with the individual or committee involved with CRA at your institution.