WASHINGTON — In a joint release at the end of 2006, the Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency announced the annual increase in the Community Reinvestment Act reporting thresholds.
The agencies set the asset categories each year to adjust to the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers. As a result of the 3.32% increase in the CPI, the definitions were adjusted as follows:
o “Small bank” means a bank that, as of Dec. 31 of either of the prior two calendar years, had assets of less than $1.033 billion.
o “Intermediate small bank” means a small bank with assets of at least $258 million as of December 31 of both of the prior two calendar years, and less than $1.033 billion as of December 31 of either of the prior two calendar years.
The new asset-size thresholds became effective Jan. 1, 2007.
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