On December 17, the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Office of Thrift Supervision announced their annual adjustment to the asset-size thresholds used to define “small bank,” “small savings association,” “intermediate small bank,” and “intermediate small savings association” under the regulations promulgated pursuant to the Community Reinvestment Act.  

Under the new rules, (i) the definition of “small bank” or “small savings association” means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.109 billion; and (ii) the definition of “intermediate small bank” or “intermediate small savings association” means a small institution with assets of at least $277 million as of December 31 of both of the prior two calendar years, and less than $1.109 billion as of December 31 of either of the two prior calendar years. These changes are the result of a 4.49 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the period ending November 2008. The adjustments are effective as of January 1, 2009.