Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
June 1, 2006
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
The federal bank and
thrift regulatory agencies today announced the availability of the 2006
list of distressed or underserved nonmetropolitan
geographies in which bank revitalization or stabilization activities
will receive Community Reinvestment Act (CRA) consideration as "community
development." The 2006 list is the first to incorporate a one-year
lag period for geographies that were designated as distressed or underserved
in 2005, but were not designated as such in the 2006 release. Geographies
subject to the one-year lag period are eligible to receive consideration
for community development activities for the twelve months following
publication of the 2006 list.
In addition, the 2005 list of distressed or underserved nonmetropolitan
middle-income geographies was revised after discrepancies were identified
in calculations that were used to qualify geographies as "distressed" or "underserved." Although
the discrepancies were minor, the revised list includes several additional
geographies that were not previously included, thus expanding the list
of geographies eligible for CRA consideration.
"Distressed nonmetropolitan middle-income geographies" and "underserved
nonmetropolitan middle-income geographies" are defined in CRA regulations.
The criteria used to designate these areas are available on the Federal
Financial Institutions Examination Council (FFIEC) web site (www.ffiec.gov/cra).
Both the 2006 list and the revised 2005 list can also be found on the
FFIEC web site, along with the data source information used to generate
the list of distressed or underserved geographies.