The annual CRA asset-size thresholds for covered financial institutions were announced on December 30, 2019 applicable for 2020. 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 1.62% increase in the CPI, the levels have changed.
Effective January 1, 2020, the new CRA rules for various size institutions are:
“Small bank” and “small savings institution” means a bank with assets of $1.305 billion or less as of December 31 in either of the two prior calendar years. This is up from $1.284 billion in 2019.
“Intermediate small bank” or “intermediate small savings association” means a small institution with assets of at least $326 million in both of the prior two calendar years, and less than $1.305 billion as of December 31 in either of two prior calendar years.
“Large institution” means a bank with assets of greater than $1.305 billion in either of the two prior calendar years.
Does your Bank now meet any of these new thresholds? Call TCA today at 1-800-934-7347 or email [email protected] to consult with a CRA expert because approaching or surpassing any of these thresholds may be a whole new compliance ballgame for your Bank. TCA has A Better Way by helping your bank meet its CRA compliance mandates.