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This document evaluates the CRA performance of The Bank of Floyd, assessing its efforts to meet the credit needs of its community, particularly among low- and moderate-income neighborhoods, and includes
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How to fill out community reinvestment act performance
How to fill out Community Reinvestment Act Performance Evaluation
01
Gather necessary data on the institution's lending, investment, and service performance.
02
Review the Community Reinvestment Act (CRA) regulations and guidelines.
03
Complete the demographic information section, including the bank's identifying details.
04
Detail the institution's assessment area, highlighting the communities served.
05
Analyze the lending performance, including the volume and types of loans made.
06
Evaluate the investment performance, noting any community development investments.
07
Assess the service performance, detailing branch locations and services offered.
08
Prepare documentation and evidence to support claims made in the evaluation.
09
Review the draft report for accuracy and completeness before submission.
10
Submit the completed performance evaluation to the appropriate regulatory agency.
Who needs Community Reinvestment Act Performance Evaluation?
01
Banks and financial institutions subject to the Community Reinvestment Act.
02
Regulatory agencies responsible for ensuring compliance with CRA guidelines.
03
Community organizations and advocacy groups monitoring financial services.
04
Stakeholders interested in community development and investment outcomes.
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People Also Ask about
What are the 4 general ratings on the CRA evaluation?
The Overall CRA rating is established by weighting the institution's State CRA rating, providing an overall CRA rating. CRA ratings are assigned using a four-tiered rating system: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
What are the three tests used in a CRA examination?
Streamlined procedures with an emphasis on lending were adopted for small institutions, while large banks are evaluated under a three-part lending, service and investment test. Wholesale and limited purpose banks are evaluated under a community development test.
What three tests are used to evaluate CRA performance?
This performance evaluation assesses the bank's CRA performance under the large retail bank Lending, Investment, and Service Tests.
What is included in a CRA performance evaluation?
The CRA performance evaluation (PE) generally includes a description of the institution and its assessment area(s); conclusions about the bank's performance in each of its assessment areas: its CRA rating(s); and the facts, data, and analyses supporting the bank's conclusions and rating(s).
What are the factors in evaluating an institution's CRA performance?
The bank's product offerings and business strategy. Institutional capacity and constraints. The bank's past performance and the performance of similarly situated lenders. The bank's public file and any written comments about the bank's CRA performance submitted to the bank or the FDIC.
What are the four rating categories used to report Community Reinvestment Act CRA examination results?
A2. RatingTotal points Outstanding 20 or over Satisfactory 11 through 19 Needs to Improve 5 through 10 Substantial Noncompliance 0 through 4
What are the 4 general ratings on the CRA evaluation?
The Overall CRA rating is established by weighting the institution's State CRA rating, providing an overall CRA rating. CRA ratings are assigned using a four-tiered rating system: Outstanding, Satisfactory, Needs to Improve, and Substantial Noncompliance.
What is included in a CRA performance evaluation?
The CRA performance evaluation (PE) generally includes a description of the institution and its assessment area(s); conclusions about the bank's performance in each of its assessment areas: its CRA rating(s); and the facts, data, and analyses supporting the bank's conclusions and rating(s).
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What is Community Reinvestment Act Performance Evaluation?
The Community Reinvestment Act Performance Evaluation is an assessment conducted to evaluate a bank's performance in meeting the credit needs of its local communities, particularly low- and moderate-income areas.
Who is required to file Community Reinvestment Act Performance Evaluation?
All financial institutions that meet certain asset thresholds and are regulated by the federal banking agencies must file the Community Reinvestment Act Performance Evaluation.
How to fill out Community Reinvestment Act Performance Evaluation?
To fill out the Community Reinvestment Act Performance Evaluation, institutions should gather relevant data on their lending, investment, and service practices, analyze their performance in providing services to underserved communities, and complete the evaluation form as per the guidelines provided by their regulating agency.
What is the purpose of Community Reinvestment Act Performance Evaluation?
The purpose of the Community Reinvestment Act Performance Evaluation is to ensure that financial institutions are meeting the needs of their communities and to provide accountability to the public regarding their lending practices, especially in underserved areas.
What information must be reported on Community Reinvestment Act Performance Evaluation?
Information that must be reported includes the extent of lending, investment, and service activities in low- and moderate-income neighborhoods, as well as data on any community development initiatives undertaken by the institution.
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