Federal Regulators Release the 2012 List of Distressed, Underserved Communities
U.S. banking regulators recently released an updated list of middle-income rural communities designated as distressed or underserved.
CRA credit given for variety of areas
In the Southeast region, the number of distressed rural middle-income communities grew 45 percent between 2011 and 2012, according to an analysis by the Atlanta Fed’s Community and Economic Development group. The distressed areas are classified based on such factors as population loss and rates of poverty and unemployment.
The analysis compared the number of distressed rural middle-income tracts in each category (see the table).
The number of underserved rural middle-income communities, typically those with small populations that are far removed from population centers, also increased in the region by 56 percent, according to the analysis.
The Federal Financial Institutions Examination Council (FFIEC), which includes the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, updates the list annually. The current and previous years’ lists are available on the FFIEC website.
This posting also appeared in Financial Update, July 20, 2012.