What is a CRA public notice?
Each office or branch of a bank must post a notice in its lobby that describes the purpose of the Community Reinvestment Act. This notice also explains that the public has a right to review a bank's CRA file and to make written comments about the bank's CRA performance.
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Accordingly, what is a CRA notice?
Community Reinvestment Act Notice Under the federal Community Reinvestment Act (CRA), the Federal Deposit Insurance Corporation (FDIC) evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operations.
Secondly, what are the CRA ratings? Upon completion of a CRA examination, an overall CRA Rating is assigned using a four-tiered rating system. These ratings are: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
Additionally, what is required in the CRA Public File?
Maintain a Public File The file needs to include:All written comments from the public relating to CRA performance, as well as responses, from the prior two years. The most recent CRA Performance Evaluation. Map of each assessment area that shows the boundaries.
Is a CRA rating publicly disclosed?
At each supervisory agency's site, you can also get a copy of the bank or thrift's most recent public evaluation (PE). Information at this site will reflect all CRA examination ratings that were made public by that date. Note: Examination ratings are not made public until 45-60 days after the examination has concluded.
Related Question AnswersWhat is the purpose of CRA?
Background & Purpose. The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.What does the lobby notice do?
Each office or branch of a bank must post a notice in its lobby that describes the purpose of the Community Reinvestment Act. This notice also explains that the public has a right to review a bank's CRA file and to make written comments about the bank's CRA performance.What qualifies as a CRA investment?
The revised CRA regulation defines qualified investments as an investment, deposit, membership share or grant that has community development as its primary purpose. The regulation provides examples of the types of investments that are considered under the CRA investment test.What is a CRA mortgage loan?
CRA Home Loans A CRA home loan is originated by a federally regulated bank or mortgage lender that is obligated to meet the requirements of the Community Reinvestment Act (CRA) of 1977.What is a CRA disclosure statement?
The CRA disclosure statement, which is publicly available on the Federal Financial Institutions Examination Council (FFIEC) website,6 provides detailed information on the bank's small-business and small-farm lending. There are additional requirements for institutions that include consumer loans in their evaluations.Which is a requirement of a financial institution's assessment area?
Answer: A bank's assessment area should include the geographies in which the bank has its main office, its branches, and its deposit-taking ATM's, as well as the surrounding geographies in which the bank has originated or purchased a substantial portion of its loans.How often are banks examined for CRA?
once every 48 monthsWhat is a CRA strategic plan?
Under the Community Reinvestment Act (CRA), a bank may apply to its primary federal regulator to be evaluated under a strategic plan. The strategic plan option provides a bank with the opportunity to tailor its CRA objectives to the needs of the community and to its own capacities, business strategies, and expertise.What is the CRA sunshine rule?
The CRA Sunshine statute requires certain CRA-related agreements to be publicly disclosed and reported upon annually. The rule defines agreements that are subject to the statute's disclosure and reporting requirements as “covered agreements.”Is CRA affected by fair lending laws?
Unlike the Equal Credit Opportunity Act or the Fair Housing Act, the CRA is colorblind. Conflagrating the CRA with the fair lending laws diminishes the uniqueness of the CRA and risks reducing banking services in certain lower-income communities.What is CRA in banking?
The Community Reinvestment Act (CRA) is a law intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income (LMI) neighborhoods, consistent with safe and sound banking operations.Are all institutions rated using the same CRA procedures?
Consequently, effective July 1, 2007, all four agencies are using the same CRA regulations and related examination procedures. Intermediate small institutions are not required to collect and report CRA loan data for small business, small farm, and community development loans.Is CRA part of the federal government?
Canada Revenue Agency (CRA) is a federal agency that collects taxes and administers tax laws for the Canadian government, as well as for many of Canada's provinces and territories.What is a CRA program?
CRA is an acronym for the Community Reinvestment Act, a U.S. law encouraging banks to help meet credit needs in communities where they take deposits, with specific emphasis on helping meet credit needs of low- and moderate-income neighborhoods.What is a factor in evaluating an institution's CRA performance?
This performance criteria is an important factor the examiners will consider as they evaluate your CRA performance. After a CRA exam, you'll recieve one of four possible CRA Performance Ratings: Outstanding, Satisfactory, Needs to Improve, or Substantial Noncompliance.How do I report a bank to the FDIC?
How to File a Written Complaint- Determine the primary federal regulator of your bank by calling the FDIC's toll-free call center number at:
- Or by accessing FDIC's Bank Find.
- Provide your complete name and mailing address as well as a day or evening phone number with the area code.
