The Federal Deposit Insurance Corp. has downgraded the Community Reinvestment Act rating for BancorpSouth in Tupelo, Miss.

The $14 billion-asset company disclosed in a regulatory filing Monday that its rating was "retroactively" lowered to "needs to improve" from "satisfactory." The downgrade was tied to BancorpSouth's recent consent order with the Justice Department and the Consumer Financial Protection Bureau that settled and resolved alleged violations of the Equal Credit Opportunity Act and the Fair Housing Act. BancorpSouth agreed to a $10.6 million fine tied to the June order.

The FDIC's last CRA evaluation was conducted in 2013.

BancorpSouth noted in its filing that a CRA evaluation is "a factor that the FDIC considers when reviewing applications…to acquire, merge, or consolidate with another banking institution," among other things. The Federal Reserve Board also takes a bank's CRA rating into account when reviewing merger applications.

BancorpSouth said in its filing that it likely "will be unable" to obtain approvals for two pending bank acquisitions — Ouachita Bancshares in Monroe, La., and Central Community Corp. in Temple, Texas — until its CRA rating is upgraded.

The company's next CRA exam is set to take place next year.

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