Strategic Plans

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) Midvale, UT November 17, 2016 Chicago
Green Dot (#243375) (PDF) Provo, UT July 23, 2015 San Francisco
Seacoast Commerce Bank (#3194638) (PDF) San Diego, CA March 1, 2014 San Francisco
Silicon Valley Bank (#802866) (PDF) Santa Clara, CA February 3, 2014 San Francisco
Silvergate Bank (#1216826) (PDF) San Diego, CA May 23, 2014 San Francisco
Stifel Bank & Trust (#3076248) (PDF) St. Louis, MO August 28, 2015 St. Louis

Learn more about CRA strategic plans approved by the other agencies:

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Last Update: December 07, 2018