Implementation Period

Section 345.490  Implementation Period a)         Banks with total assets of $391,000,000 or more shall comply with this Part by February 1, 2025 . b)         Banks with total assets of less than $391,000,000 shall comply with this Part by August 1, 2025. c)         The Secretary may conduct an examination at any time upon finding: 1)         a bank's primary federal financial supervisory agency has rated the bank, as of its most recent examination, in "substantial noncompliance" with the federal Community Reinvestment Act; 2)         substantial evidence of discriminatory or other illegal credit practices; or 3)         the Secretary otherwise finds sufficient cause. d)         For purposes of Section 345.470, with regard to the timing of the initial examination of a bank under ILCRA, the "most recent prior exam under the ILCRA" shall be read as the most recent examination under the federal Community Reinvestment Act.