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As of January 1, 2022
Under the Community Reinvestment Act, a bank may apply to its primary federal regulator to be designated a wholesale or a limited purpose bank. Such banks are evaluated for performance under standards found at 12 CFR 25.25. The regulation offers the following definitions:
Limited purpose bank means a bank that offers only a narrow product line (such as credit card or motor vehicle loans) to a regional or broader market and for which a designation as a limited purpose bank is in effect.
Wholesale bank means a bank that is not in the business of extending home mortgage, small business, small farm, or consumer loans to retail customers, and for which a designation as a wholesale bank is in effect.
* Also operates under a CRA Strategic Plan.