Community banks that are complying with a federal anti-redlining law can now go more than six years between examinations under a new supervisory policy from a US banking regulator.
The Office of the Comptroller of the Currency extended the time frame to 78 months from the previous compliance exam for community banks—those with up to $30 billion in assets—that receive “outstanding” or “satisfactory” ratings for lending and investment in low-to moderate-income communities under the Community Reinvestment Act, according to a May 15 supervisory memorandum obtained by Bloomberg Law.
Under prior guidelines, those banks couldn’t go more than 60 months between ...