The annual CRA asset-size thresholds for covered financial institutions were announced December 17, 2020 applicable for 2021. The cutoff adjustments are based on the change in the CPI (Consumer Price Index) for each 12-month period ending in November, rounded to the nearest million. As a result of the 1.29% increase in the CPI, the levels have changed.
Effective January 1, 2021, the new CRA rules for various size institutions are:
- Small Institutions
- “Small bank” and “small savings institution” means a bank with assets of $1.322 billion or less as of December 31 in either of the two prior calendar years. This is up from $1.305 billion in 2020.
- Intermediate Institutions
- “Intermediate small bank” or “intermediate small savings association” means a small institution with assets of at least $330 million in both of the prior two calendar years, and less than $1.322 billion as of December 31 in either of the two prior calendar years.
- Large Institutions
- “Large institution” means a bank with assets of greater than $1.322 billion in either of the two prior calendar years.
Does your Bank now meet any of these new thresholds? Contact TCA today at [email protected] or at 800-934-7347 to consult with one of our CRA experts because it’s a whole new compliance ballgame for your Bank, and TCA has A Better Way of providing assistance for all your compliance needs.
TCA – A Better Way!