January 1st is a day when a lot of changes become effective in the compliance world. New year, new rules. The regulatory agencies recently announced the asset-size thresholds for CRA was adjusted and will become effective January 1, 2013.
These thresholds determine whether an institution is classified as a small bank, intermediate-small bank or large bank for CRA purposes. For either of the prior two calendar year-ends (December 31, 2012 & December 31, 2011):
- A “small bank” or “small savings association” means assets less than $1.186 billion.
- An “intermediate small bank” or “intermediate small savings association” means assets of at least $296 million but less than $1.186 billion.
- A “large bank” or “large savings association” means assets of $1.186 billion or more.
We’ve never understood why these definitions have to be so confusing. Here’s a much easier way to explain it:
|If a bank. . . .||Then it is. . . .|
|has assets under $296 million||a Small Bank|
|has assets of $296 million but less than $1.186 billion||an Intermediate Small Bank|
|has assets of $1.186 billion or more||a Large Bank|
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager.
Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelor’s Degree in Business Administration, and is a graduate of the ABA Compliance School.
Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!