Strategic Plans
Note: The information and resources provided below are not inclusive of any updates outlined in the CRA Final Rule issued on October 24, 2023. For more information on the final rule and compliance dates, please see CRA Final Rule.
In lieu of one of the three primary evaluation methods, the CRA regulations provide banks the option to develop a strategic plan with the input of the community. Strategic plans allow banks to tailor their performance goals to the needs of their community by working directly with the community to develop the goals. This community input into the development of the strategic plan is conducted by soliciting public comments. The community may submit comments on the draft plan for up to 30 days during the process.
Approval Process
Strategic plans must be approved by the bank's regulator in advance and must provide measurable performance goals sufficient for a satisfactory rating. Pre-defined performance goals may be included that, if met, would merit an outstanding rating. In addition, a bank may choose to have the Federal Reserve Board evaluate its performance under another appropriate evaluation method if the bank fails to substantially meet its planned goals for a satisfactory rating. Please refer to the guidelines for requesting approval for a strategic plan (PDF).
Applicable Timeframe
Strategic plans may cover a period of up to five years. The plan is submitted to the bank's regulator for review and approval at least three months before the proposed effective date.
The Federal Reserve has approved the following banks for a strategic plan:
| Bank name (RSSD ID Number) | Bank location | Effective date | Reserve Bank |
|---|---|---|---|
| Ally Bank (#3284070) (PDF) | Sandy, UT | January 1, 2023 | Chicago |
| Charles Schwab Bank (#3150447) (PDF) | Westlake, TX | January 1, 2022 | Dallas |
| Charles Schwab Premier Bank (#1893049) (PDF) | Westlake, TX | January 1, 2022 | Dallas |
| Goldman Sachs Bank USA (#2182786) (PDF) | New York, New York | January 1, 2024 | New York |
| Green Dot (#243375) (PDF) | Provo, UT | January 1, 2021 | San Francisco |
| Raymond James Bank (#2193616) (PDF) | Saint Petersburg, FL | January 1, 2023 | Atlanta |
| Regions Bank (#233031) (PDF) | Salt Lake City, UT | January 1, 2021 | Atlanta |
| Stifel Bank & Trust (#3076248) (PDF) | St. Louis, MO | January 1, 2021 | St. Louis |
| Stifel Bank (#3076220) (PDF) | Clayton, MO | January 1, 2021 | St. Louis |
| Western Alliance Bank (#3138146) (PDF) | Phoenix, AZ | January 1, 2021 | San Francisco |
Learn more about CRA strategic plans approved by the other agencies:
