WASHINGTON — Bank regulators announced Monday higher thresholds for reporting requirements under the Community Reinvestment Act, after adjusting for inflation.
The Federal Reserve, Federal Deposit Insurance Corp. and Comptroller of the Currency increased the threshold on assets by about 3.4%, in line with the rise in the Consumer Price Index, they said in a joint release.
Starting Jan. 1, a small bank or savings association would have to have assets of less than $1.16 billion, up from the current limit of $1.12 billion. Small institutions with assets of $290 million to $1.16 billion will be considered "intermediate small" banks or savings associations.
Institutions that meet the small or intermediate small asset-size threshold aren't subjected to the reporting requirements of large banks.