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This document outlines the uniform policy adopted by the Board in August 2001 for the sampling and resubmission of CRA data collected by state member banks, detailing procedures for data verification,

How to fill out community reinvestment act

How to fill out Community Reinvestment Act

1. Review your institution's existing policies and procedures.
2. Gather relevant data on the demographics of the community.
3. Assess the credit needs of low- and moderate-income (LMI) neighborhoods.
4. Identify areas of potential investment and improvement.
5. Compile a list of community organizations and stakeholders to engage.
6. Set measurable goals for community investment and outreach.
7. Document your institution's community engagement activities.
8. Prepare your CRA performance evaluation report, summarizing efforts and outcomes.
9. Submit the completed CRA report to the appropriate regulatory agency by the deadline.

Who needs Community Reinvestment Act?

1. Financial institutions that provide banking services.
2. Community members seeking access to credit and financial services.
3. Local governments planning economic development initiatives.
4. Nonprofit organizations working with low- and moderate-income populations.
5. Regulators monitoring compliance with the CRA.

People Also Ask about

What is the Community Reinvestment Act for dummies?

The CRA ensures that federally insured banks meet the credit needs of all communities, especially low- and moderate-income areas. The law was initially created to combat redlining and promote equitable access to credit, and it has evolved over time to address changes in the banking sector.

What is the primary purpose of the Community Reinvestment Act?

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.

How does the CRA work?

The American Recovery and Reinvestment Act of 2009 (ARRA) was fiscal stimulus legislation passed by the U.S. Congress to alleviate the Great Recession of 2008. It included a wide range of federal spending initiatives aimed at improving the economy, from creating new jobs to relieving the tax burden on working families.

What is the Community Reinvestment Act in simple terms?

Does the CRA apply to all depository institutions? The CRA applies to depository institutions that carry FDIC deposit insurance. Serve as correspondent banks, trust companies, or clearing agents 12 USC 24 (Seventh).

Does the CRA apply to all banks?

The Community Reinvestment Act (CRA), enacted in 1977, requires the Federal Reserve and other federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods.

What is the Community Reinvestment Act requirement?

Summary. The Community Reinvestment Act (CRA) (PDF) is a landmark law enacted in 1977 to address systemic inequities in access to credit.

For pdfFiller’s FAQs

What is Community Reinvestment Act?

The Community Reinvestment Act (CRA) is a United States federal law enacted in 1977 designed to encourage financial institutions to help meet the credit needs of the communities in which they operate, particularly low- and moderate-income neighborhoods.

Who is required to file Community Reinvestment Act?

Banks and savings associations that are federally insured and have assets over a certain threshold are required to file Community Reinvestment Act reports. This includes large commercial banks, thrifts, and any institution receiving federal bank insurance.

How to fill out Community Reinvestment Act?

Filling out the CRA involves collecting data on loan originations, investments, and service activities in various community areas. Financial institutions must report this information annually in a standardized format for review by regulatory agencies.

What is the purpose of Community Reinvestment Act?

The purpose of the CRA is to ensure that banks provide fair access to credit and financial services to all community members, prevent discrimination, and promote investment in underserved areas.

What information must be reported on Community Reinvestment Act?

Information that must be reported under the CRA includes the number and dollar amount of loans made to low- and moderate-income families, the geographic distribution of loans, community development activities, and any affiliated organizations involved in CRA-related lending.