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On Wednesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the 2017 list of distressed or underserved non-metro areas where banks can receive Community Reinvestment Act credit for certain activities.
Specifically, the agencies said the list covers the “distressed or underserved non-metropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act consideration under the community development definition.”
The areas as designated as distressed or underserved base on several factors including local economic conditions, unemployment, poverty, and population changes.
For more on the agencies methodology, click here.
As with previous years’ lists, the agencies allow for a one-year lag period for areas that were on the list in 2016 but are no longer designated as distressed or underserved on the 2017 list.
Click here for the full list for 2017.
