Federal bank regulatory agencies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, have announced the release of the 2023 list of distressed or underserved nonmetropolitan middle-income geographies.
As part of the Community Reinvestment Act (CRA), banks are encouraged to address the credit needs of their local communities, including those in low- and moderate-income areas, while maintaining safety and soundness. The identified distressed or underserved nonmetropolitan middle-income geographies consist of census tracts that are eligible for CRA consideration in terms of revitalization or stabilization activities. These designations reflect local economic conditions such as unemployment, poverty, and changes in population.
To support community development efforts, revitalization or stabilization activities undertaken within these geographies will be eligible for CRA consideration for a period of 12 months following the publication of the current list. Geographies that were included in the 2022 list but are no longer designated as distressed or underserved in the current list will have a one-year lag period applied, consistent with previous lists.
The complete 2023 list of distressed or underserved nonmetropolitan middle-income geographies, along with the source information and methodology, can be accessed using the link below.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20230623a.htm