Federal agencies update CRA ‘small bank’ definitions

The Federal Reserve and FDIC today announced the asset-size thresholds that will be used to define “small bank” and “intermediate small bank” under Community Reinvestment Act regulations for 2023. A small bank will be defined as an institution that, as of Dec. 31 of either of the prior two calendar years, had assets of less than $1.503 billion. An intermediate small bank will be an institution with assets of at least $376 million as of Dec. 31 of both of the prior two calendar years and less than $1.503 billion as of Dec. 31 of either of the prior two calendar years. The new thresholds take effect Jan. 1, 2023.