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Financial Services Law Insights and Observations

Agencies release 2021 CRA data

Bank Regulatory Federal Issues CRA FFIEC Federal Reserve OCC Small Business Lending

On December 15, members of the FFIEC with Community Reinvestment Act responsibilities (Federal Reserve Board, FDIC, and the OCC) released 2021 Community Reinvestment Act data on small business, small farm, and community development lending. (See also fact sheet here.) The 685 reporting banks reported that they originated or purchased 9.4 million small-business loans totaling $371 billion, with the total number of loans originated by reporting banks increasing by approximately 12.6 percent from 2020. The dollar amount of these small business loans decreased by 21 percent, the report found. Additionally, roughly 47.1 percent of the reported small business loan originations and 59.3 percent of reported farm loans were made to firms with less than $1 million in revenue. With respect to community development lending activity, the agencies reported that based on data compiled from 618 banks, lending activity decreased by 10.1 percent from the amount reported in 2020.